eunice washington seiu master trust eunice.washington ... · eunice washington seiu master trust ....
TRANSCRIPT
UNITED STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON DC 20549-4561
DIVISION OF CORPORATION FINANCE
March 272012
Eunice Washington SEIU Master Trust eunicewashington~seiufundsorg
Re WelWoint Inc
Incoming letter dated March 152012
Dear Ms Washington
This is in response to your letter dated March 152012 concerning the shareholder proposal submitted to WellPoint by the SEIU Master Trust On February 242012 we issued our response expressing our informal view that WellPoint could exclude the proposal from its proxy materials for its upcoming annual meeting On March 132012 we issued our response indicating that after reviewing the information contained in your letter dated February 28 2012 we found no basis to reconsider our position You now ask us to reconsider our position
After reviewing the information contained in your letter we find no basis to reconsider our position
Copies of all of the correspondence on which this response is based wil be made available on our website at httwwsecgovdivisionscorpfincf-noaction14a-8shtmL
the Divisions informal procedures regarding shareholder proposals is also available at the same website address For your reference a brief discussion of
Sincerely
Jonathan A Ingram Deputy Chief Counsel
Enclosure
cc Amy Goodman Gibson Dunn amp Crutcher LLP shareholderproposals~gibsondunncom
~ ~~ SEIU Stronger Together
SERVICE EMPLOYEES
INTERNATIONA UNION CLC
SEIU MATER TRUST II Dupont Orcle NW Ste 900
Washington DC 20036- J 202
2027307500
8004581010
wwSEIUorg 2944Ct 9 05 l
~sect
March 15 2012
Offce of the Chief Counsel Division of Corporation Fiance Securties amp Exchange Commission 100 F Street NE Washington DC 20549
Re Request for reconsideration - Welloint Inc (avaible February
24 2012)
Dear Counsel
The SEIU Master Trst (SEID) as the proponent of the resolution considered in this no-action decision respectfy asks the Division to reconsider its determination that SEIDs proposal to Welloint Inc may be excluded fom that companys proxy materials
SEID makes this request because the decision here confcts with two recent lettrs that rejected the same arguments that Welloint made here and that the Division accepted Indeed in one of those other
cases the Division has also rejected the companys request to reconsider this ruling thus upholdig a determination that the proposal is sound
As a preliminar matter we acknowledge receipt of our letter dated March 13 2012 indicating that our letter of Februar 28 2012 was treated as a request to reconsider the Divisions ruing dated Februar 24 2012 In fact our letter of Februar 28th was intended as a response to the companys incoming letter but did not arve in time
to be considered The arguents set out below are distinct fom those in the earlier letter and we respectfuy request reconsideration for the reasons set out below
The four letters aranged in chronological order are as follows
middot A proposal fom Kenneth Steiner to General Electric no-action relief denied by letter dated 10 Januar 2012 reconsideration denied by letter dated February 1 2012
middot A proposal fom Kenneth Steiner to PepsiCo no-action relief denied by lattr dated February 2 2012
middot A proposal fom John Chevedden to Reliance Steel amp Aluminum no-action relief denied by letter dated Februar 2 2012 and
2
-The SEIU proposal to WellPoint no-acton relief alowed by lettr date Februar
24 2012)
Al of these proposals seek adoption of a policy to separate the positions of chief executive offcer and chai of the board of direcrs For convenience we compare
side by side the key provisions in these proposals
The language in the GE Reliance Steel and PepsiCo proposals are identical both requesting the boardto adopt a policy that whenever
possible the chairman of our board of diectrs by an independent direcr
(by the stadard of the New York Stock Exchange) who has not previously served as an exective offcer of our Company
The WelIPoint proposal is simar but
lacks the clause at the end of GE Reliance Steel and PepsiCo proposals The board is asked to
adopt a policy that the boars chairman be an independent direcr
according to the defiition set forth in
the New York Sto Exchae (NSE) listing standar subjec to varous contingencies as identified in the proposal
These four proposals prompte four requests for no-action relief makng essentially the same arguent Indeed the letters on behal of GE PepsiCo and Welloint were from the same law fi used the same basic template and made
the same arguments using language that was oftn word-for-word identical from one letter to the nex Despite the simarties between al of these proposals the Division concluded that the WelIPoint proposal could be excluded but not the others As we now explai there is no valid basis for excluding any of these proposals and SEIU therefore asks thatthe WelIPoint decision be reconsidered and
reversed
The core argument in all four cases is that the reference to New York Stock Exchange listig standards is to vage and indefiite to pass muster under Rule
14a-8(i)(3) beause the NYSE standards are a central element of the proposal yet the content of those stadards is omitt Thus the companys lettr argued in
each of these three instaces
- A proposal may be excluded if it would impose a standard by reference to a paricular set of gudelies when the proposal or supporting statement faied
suffciently to descrbe the substative provisions of the extrnal gudelines GE Letter at p 3 PepsiCo Lettr at p 3 WelIPoint Letter at p 3
3
middot Reference was made in three of the letters to the same no-action authorities notably Boeing Co (Februar 20 2004) where the Division permtted exclusion of a proposal that the board chairman be an independent dirctr accrding to the 2003 Council of Institutional Investors (CII defiition GE Lettr at p 3 PepsiCo Lettr at p 3 WelIPoint Letter at p 3
-These proposals were said to be distinguishable from other shaeholder proposal that refer to directr independence that the Sta did not concu were vague and indefinite In these cases the reference to the exernal source was not a promient feature of the proposal GE Letter at p 4 PepsiCo Letter at p 4 WelIPoint Letter at p4
- GE PepsiCo and WelIPoint all relied on Allegheny Energy Inc (Februar 12 2010) where the staff did not concur with the exclusion of a proposal that the
chaian must be an independent direcr by the stadards of the New York Stock Exchange who has not previously served as an executive offcer of the company It was argued that the requirement that the chairman be independent by the New York Stock Exchae stadars was an additional requirement and not the priar thrst of the proposal GE Letter at p 4 PepsiCo Letter at p 4 Welloint Lettr at p 4 Each of these companies contended that the NYSE stadard of independence is a central element of the Proposal but is not defied or explaied GE Lettr at p 5 PepsiCo Letter at p 5 Welloint Letter at p 5
- GE PepsiCo and Welloint all acknowledged that the Division has reject
arguments for excluding similar proposals in the past They were ATamp1 Inc (January 30 2009) (adopt a policy to require tht an independent directr-as defied by the rules of the New York Stock Exchge (NYSE) be its Chair of the Board ofDirectr) Clear Channel Communications (Februar 15 2006) (askig that the board be composed solely on independent direcrs using CII stadards)
Kohls Corp (March 102003) (urgig the board to amend the bylaws t requie that an independent director-as defined by the rues of the N ew York Stock
Exchange (NYSEtI)-who has not served as an offcer of the Company be its Chairman of the Board of Directors) The decisions in these cases are said to be unpersuasive becuse the companies did not argue with enough explicitness about the reference to external standards GE Letter at p 5 PepsiCo Letter at p 5 WelIPoint Letter at p 6
Republic Steel used a different law firm but made the same argument that the proposal referred to extrnal standards that were not explained yet were a centr element of the proposal Republic Steel Lettr at pp 4-5
The Division did not explain why it reached a split verdict in these four cases
4 The only textual difference is that the WellPoint proposal does not contain the clause in the GE and PepsiCo proposals that in order to be considered independent a chairm caot have previously served as an executive offcer of our Company
This is a deparure frm the NYSE stadards because under sect 303A02(bXi) of the
NYSE Listed Company Manual a former employee may be considered independent thee years afr his or her deparure from the company
For reasons we now explain this factual distinction does not explai much less warant a dierent treatment of the proposals Indeed the company in each
instace is askig the Division to apply an overly analytca approach to definig the term independent when used in the conte of members of the board of directors
At the outset we address the notion that NYSE listig standards must be spelled out in suffcient detai that a Welloint investor wil understand what is (and is not) being requied Such a level of precsion goes well beyond what shareholders need in order to cat an intellgent vote on the SEIU proposal
The thrst of al four proposals is the same ie splitting the roles of cha and CEO so that the charman of the board is not an incubent executive of the company It is simply inaccurate to claim that the priar thst of the
WelIPoint resolution is somehow the adoption ofNYSE independence standards whereas the primar thst of the other propoals is dividing the two positions The point is made clear in the supporting statement of al these proposals
The Welloint statement thus emphasizes the vies of havig an independent board chai (who) would provide a better balance of power between the CEO and the board and would support strong independent board leadership and fuctionig The supporting statements to both the GE Reliance Stel and
PepsiCo proposals simlarly state When a CEO serves as our boar chairman this arangement may hinder our boards abilty to monitor our CEOs performce Many companes already have an independent Cha An independent Chaian is the prevailing practice in the United Kigdom and may interntional markets
All four resolutions thus have the same core goal to divide the two positions in order to promote what the proponents view as sound corporate governance with the chairman to be independent as defied by NYSE listing standards To be sure the GE Reliance Stel and PepsiCo proposals go one step fuer by seekig a
bar on former company employees even if they have been gone for three years but that is not a material distinction and indeed the GEli~ce StelepsiCo supporting statements never mention that feature of their proposal
5 Thus it defies logic to thk that WellPoint shareholders wi not understand
the reference to NSE listing standards whereas GE Reliance Steel and PepsiCo shareholders will understand the concept perfectly beause the resolutions there do not exlai the content of those listing stadards but they do add a requiement that is not in the listing standards namely a proposed ban on former exectives servg as board chai
Moreover it is diffcut to see how the additional clause dealg with former executives adds a degree of specificity sufcient to help the reader understand the reference to NYSE listing standars
But apar from the lack of a material factual distiction between the two typs of proposals it is also inaccurate to say that the NYSE stadards are so central to the proposal that they must be defied in deta And it is here that the
companes ar inisting on a level of deta that is simply unecessary to understand the SEW proposal
It is well known among investors that there are two types of direcrs iside diectors who are employed by the company and outside diretors who
are not In addition some outside directors may not be considered independent becuse of personal ties or other relationships with incumbent managers or the company
The concept of isider versus idependent director is fairly easy for shareholders to grasp and that is al that is needed in order to cast an intellgent vote on the SEW proposal Indeed the concept of independence under NSE listing stadards is so straight-forward that Welloints 2011 proxy statement refers to these concepts on numerous occsions without defiition or exlanation
At no point in the WelIPoint proxy statement does the company identif what it means for a director to be idependent under NYSE stadards though Welloint touts diectrs independence under those stadards numeroustimes
Consider the followig disclosures frm the companys most recent proxy statement
- WellPoint takes great care to assure that our (governance) meaures align with the requirements of the listing standards of the N ew York Stock Exchage (NSE) 2011 proxy at p 6
- Telve of our thirtn directors are independent under all applicable
stadards 2011 proxy at p 8
- The board has determed that certain directors are independent as defied by the NYSE listing standards 2011 proxy at p 9
6 middot Each member of the Audit Commttee is independent 2011 proxy at p 10
middot Members of the Compensation Commtte are ndependent withn the meaning of the NYSE listing standards 2011 proxy at p 10
middot Each member of the Goernance Commttee is independent as defined by the NYSE listing stadards 2011 proxy at p 11
Thats it Ths level of disclosure is consistent with Item 407(a) of Reguation S-K which requires companes to disclose defitions of independence only if they differ fom the stadards of the exchanges on which a company is listed Indeed in the adoptig release the Commssion greatly increased the requied levels of disclosure about a companys governance but seemigly viewed the concept of independence under exchage listing standards as sufciently well-defined that no fuher exlanation was needed See Release Nos 33-8732A
Executive Compensation and Related Person Disclosure 71 Fed Reg 53158 (8 Februar 2006)
This approach makes much sense The core feature of the SEIU proposal is arequest that the positions of CEO and cha be divided with the lattr to be independent under NYSE rues The SEW proposal is thus not an endorsement of X number of specific bullet points that are used to defie independence Faily read the proposal states that whatever independence standards may be required in order for Welloint shars to be traded on the New York Stok Exchange those are the stadards that should be used for a chairman
Thus the average investor need not have an encyclopedic knowledge of the NYSE Liste Company Manual in order to understand the SEIU proposaL It is sufcient to understand the proposal tht (a) there is a category of directors who ar deemed to be idependent and that (b) whatever those criteria - which the company is not obliged to disclose in the proxy either -- the SEW proposal wants future boar chairmen to meet those crteria
It is at least arable that proposal seekig the adoption of independence standards other than those of the exchange where a companys sto is traded (eg standards developed by the Counci of Intitutional Investors which are not described) may require exlanation However and consistent with the approach
taken by Item 407(a) an exlanation would be needed because such stadards go beyond the independence standards requied to list and trade the companys stock (not because the specic defition is the central thrst of the proposal
Given that the Commssion decided to madate simply a reference to listing standard definitions of idependence as sufcient for a companys own proxy
7 disclosur it is dicult to understad why a more strgent explanation would be requied in order for sharholders to avoid exclusion under Rule 14a-8(i)(3) The
SEIU proposal here provides suffcient clarty as to what is being proposed namely the board chaian should satify whatever level of independence is required to list WelIPoint stock on the NYSE
For these reasons the SEIU Master Fund respectflly urges the Division to reconsider its decision regaring the WelIPoint resolution and to reverse its earlier determation
Very truly your
~~lf-Eunice Washigton Dirctor of Benefit Fundslegal
cc Amy Goma Esq
~ ~~ SEIU Stronger Together
SERVCE EMPLOYEES
INTERNATIONA UNION CLC
SEIU MAR TRUST II Dupont Orce NW Ste 900
Washingto DC 20036-1202
2027307500
8004581010
wwSEIUorg 2908~om 905 e8
Febru 28 2012
Securties and Exchange Commssion Offce of the Chief Counel Division of Corporation Finace 100 F Street NE Washington DC 20549
Re Request by Wellpoint Inc to omit shaeholder proposa submitted by the SEIU Master Trut
bea SirMadam
Pusuat to Rule 14a-8 under the Securties Exchange Act of 1934 the
Service Employees Internationa Union Master Tru (the Trut) submitted a shareholder proposal (the Proposa) to Wellpoint Inc (Wellpoint or the
Company) The Proposal asks Wellpoints board of diectors to adopt a policy that the boards chaian be an independent director according to the definition set fort in the New York Stock Exchages (NSEs) listig stdards
In a letter to the Division dated Janua 12 2012 (the No-Action Request) Wellpoint stated tht it intends to omit the Proposa from its proxy materials to be distrbuted to stockholders in connection with the Companys 2012 anua meetig of shaeholdersWellpoint argued that it is entitled to exclude the Proposal in reliance on Rule 14a-8(i)(3) on the ground that the Proposal is vague and indefite and thus materially false or misleang in violation of Rule 14a-9 As discussed more fully below Wellpoint has not met its burden of providing its entitlement to rely on tluit exclusion accordingly the Trut respectfully ask thatits request for relIefbe denied The Proposal
The Proposa states
RESOLVED that shaeholders of Wellpoint Inc (Wellpoint) urge the board of diectors to adopt a policy that theacute boards chaian be an independent diector accordig to the definition set fort in the New York Stock Exchage (NSE) listig stdads uness Wellpoints stock
ceaes to be listed on the NYSE and is listed on another exchange at which tie that exchanges stdad of independence should apply The pol~cy
should provide that if the board determes that a chaan who was independent when he or she was selected is no longer independent the board shall promptly select a new chaian who is independent
Compliance with ths policy should be excused if no diector who
SECWellpointSEIU Master Trut
quales as independent is elected by shareholders or if no independent diector is willig to sere as chairman This policy should be applied prospectively so as
not to violate any contractual obligation of Well point
The Proposal is Not Excessively Vague
Rule 14a-8(i)(3) alows a company to exclude a sharholder proposal if it violates any of the Commssions other proxy rules includig Rule 14a-9s prohibition on materialy false or misleadig statements Wellpoint clai that the Proposal is excessively vague beause it refers to but does not derme the NYSE listing stadads for diector independence
The Sta has state that a proposal is excesively vague if neither the stockholders voting on the proposal nor the company iIi implementig the proposal (if adopted) would be able to detee with any reaonable certty exacty what actions or meaures the proposal requires (Sta Legal Bulleti No 14B (Sept 15 200)) That is not the case here Wellpoints proxy statement is replete with reerences to ditors
beng indepenpent as defied by the NYSEs listing standads agravend the SECs rules (2011 proxy statement at page 9) and independent with the meang of the NYSE listig stadards fu at 10 see also id at 11) Wellpoint did not elabrate on or descrbe
the requirements of the NYSE~s listig stadad on diecor independence (or Wellpoints
application thereof) despite the fact that shareholders wer being asked to vote for direors based on these proxy materials
The determnations cite by Wellpoint did not involve a stadard or set of
gudelines that the company itself was aleady applyig and which was aleady referenced in the companys proxy materials Wellpoint points to deteinations
regarng proposals that sought to impose reportg or substative obligations defied by unfamar external cods or guidelines that were not descrbe at al in the proposals
The Sta has recently refuse to grant relief in circustaces simlar to those here In Alegheny Energy Inc (publicly available Feb 12 2010) the proposal asked the company to adopt a policy that whenever possible the chairman bean independent ditor by the stadad of the New York Stock Exchange The proposal did not set fort
or describe the NYSE listig stadard The company argued that the proposal was excesively vague because it referenced but did not defie an external set of giidelines ff at 5) TheSta declied to grant relief
Accordigly Wellpoint has not met its buren of establishing that the Proposal is excesively vague and thus excludable under Rule 14a-8(i)(3) We respectly urge that its reuest for no-action relief be denied
2
SECWellpointSEIU Master Trut
If you have any questions or nee additional information please do not hesitate to call my colleague Vonda Brunsting at (212) 471-1315 The Trust appreciates the opportnity to be of assistace in ths mattr
Very trly your
DIce as ington Dirtor of Benefit Fundslgal Counsel ~Eu w h
o V onda Brunstig
Amy Good Gibson Dunn amp Crutcher IL
3
GIBSON DUNN
Janua 12 2012
VI EMA
Offce of Chief Counsel Diviion of Corporon Fin Secures and Excha Commssion 100 F Strt NE
20549Washin DC
Re WellPoint Inc
Sheholde Proposal ofSE Master Tru Exhage Act of 1934-Rue 140-8
Laes an Getlemen
Gibs Dunn Crer Ll
10 Conei Avenue HW
Wasing OC Ol 5106 reI ~95585 _llibSigraveinncx
Ai Go DI +12086 i= +1 209AGoiliu campe 9lo
a ~- ~
- -If
~
~
~ l
~~
Ths letter is to inorm you tlour client Welloin Inc (th CompaYiexcl intend to omitShaoldersproxy for it 2012 Anua Meeti offrom its prxy stent and form of
(collectively the 2012 Prxy Mateals) a shholde proposa (th Prposa) anstements in suport therf recived frm the SEIU Maer Tro (the Pponent)
Put to Rule 14a-8G) we hae
filed th let with the Seuies and Exchae Comssion (the Cosson) no lar th eighty (80) caenda days beore th Compay
in to tie it defitive 2012 Prxy Maris with th Commsion an
ths corrondence to the Proponent conctly set a copy of
Rule 14a-8(k) an Stff Lega Bullet No 14D (Nov 72008) (SLB 14Dj prvide th
shholde proponents ar requied to send compaes a coy of any condce ththe Diviion of Corpraonthe prponents elect to sut to the Commion or the st of
Fince (the Sta Accrdngy we ar tag th opprtty to inorm the Prponent th if the Prponent elect to submit additiona corrspndence to the Commsson or the
th corrondence should be fuShedStawith repe to the Prposa a copy of
the Compay purt to Rule i 4a-8(k) andconcurntly to th underigned on beha of
SLB 14D
8r1S Centry Ci Dalla De Duba Hong Ko Lo Lo Anle Munich New vl1 Ornge Conty Palo AlID Pas Sa Franc Sf Paulo Singpo Waingtn DC
~
GIBSON DUNN
Offce of Chief ComieI Division of Corpraon Fince Janua 12t 2012 Page 2
TH PROPOSAL
The Proposa sta
RESOLVEDs th sheholder ofWellpoIn Inc (Wellpoint) ure the bo of diectors to adopt a policy tht the boars chaan be an inepen direcr accord to the defion set for in the NewYork Stok Exchae (NYSEj lig stds uness Wellpointls st ce to be li on the NYSE and is list on another exchage at whch tie th exchanets stda of indepndenc shoud apply
Th policy should provide th if the boar dees th a cha who wa inependent when he or sh was selected is no long inep the boar sha prompy select a new cha who is inept Complice with this policy should be excu if no ditor who ques as indepde is elec by shaholder or if no indepnd diecr is wi to see as cha Ths policy should be applied prospvely so as no to violate any cont obligaon of Well point
th Prposa the sup sten an related correspondece frm thA copy of
Prpone is athed to ths lettr as Exhibit A
BAS FOR EXCLUSION
We believe tht the Prposa ma prpely be exclud frm the 2012 Prxy Maal pmst to Rule 14a-8(i)(3) be the Prsa refer to an ex se of gudelies for implemen the Proposa but fagrave to adualy defie those gudelines reer it imperibly vage an indefite so as to be inertly mileang
ANALYSI
The Prpoal May Be Excluded Under Rule 14a-8i)(3) Becaus The Propol Is
Impermsibly Vage And Indefte So As To Be Inherentl Mileadig
Rule 14a-8(i)(3) pets the exclusion of a shholde propo if the prposa or suppo Commons proxY iies includ Rule 14a-9 whchstent is contr to any of the
prhibits may fal or milead stents in prxy soliciti mate The Staconsy ha taen the position th a shholder prposa is excludle under
neither the stockholder voti on the proposaRule 14a-8(i3) as vae and indefi if
nor the compay in implementi the prposa (if adpte) would be able to determe With
~
GIBSON DUNN
Ofce of Chief Counl Division of CoipratiQn Fince Janua 12 2012 Page 3
any reble cert exac wh acons or meas th proposa requi Sta
Leal Bullet No 14B (Sept 15200) (LB 14B) see alo Dyer v SEC 287 F2d 773181 (8th Cir 1961) ((It ap to us th the propo as dr and sumi to the compay is so vagu and indef as to mae it impossible for either the board of dirs
wh th propsa would en)or the stockholdei at lae to comphe preisely
The Staha peimtt the exclusion of shholder prsas tb-us lie the Propo
imse a stda by referce to a pacu se of gudeli when the propo or the ex su stteent fagraveoo suciently to describe the substive provisions of
Mobuuml Corp (Naylo) (avai Ma 21 2011) (conc with gudelies See eg Exon
the excluson of a proposa reues the us of bu fai to suciently exla
gudelies frm the Globa Reprt Invej ATampT Inc (Feb 162010) (concmg with the excluson of a propsa th sougt a report on among oth th grts
lobbying communcaons as defied in 26 CFR sect 56491 i -2) Johnon amp Johnon (avthFeb 72003) (concug wi the exclusion ofa prposa reesg the adoption of
Gla Ceg Commions busin remmenons without desbin threommention)
In Boeing Co (avai Feb 10 2004) th sholde proposa requestd a bylaw reui the cha of the companys bo of dirs to be an indepen dir acrd
Intituona Invesrs defition The company ar th th proposal reerced a stdar for indepdence but fied to adequaely deribe or defe
th stda suh th sheholde would be unle to mae an inormed deion on th merits of th prosa The Sta concu with the excluson of the proposa uner
Rule 14a-8(iX3) as vag an infite beus it cfred to diose to sholde th
defition ofcindeent dior th it rsoughtlto hae inluded in the byl~ws Se alo
to the 2003 Coun of
PGampE Cooration (ava Ma 72008) Scheing-Plough Corpraton (avail Ma 7 2008)JPMorgan Chae amp Co (avai Ma 5 2008) (al concu in the exclusion of proposa th rees th the compay re the boar of dictrs to apint an inepndent lea dior as defied by th stda of indepen set by the Counil of
what th parcul stdaIntuonal Invesors withou prvidi an exlaon of
entaed
the boar of diectors mus be anThe Prposa whch st th th chaan of
inpedent dictr accordg to the defition set fort in the New York Sto Exche (NYSE) liti stda is substily simar to the proposa in Boeing an tie preen cited above Th Proposa relies upn an ext stda of inepndence (the
New York Sto Exchage stda) in order to implement a ce1r as of th Prposa thebut fas to desDe the substative prvisions of th st Withut a descrption of
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
~ ~~ SEIU Stronger Together
SERVICE EMPLOYEES
INTERNATIONA UNION CLC
SEIU MATER TRUST II Dupont Orcle NW Ste 900
Washington DC 20036- J 202
2027307500
8004581010
wwSEIUorg 2944Ct 9 05 l
~sect
March 15 2012
Offce of the Chief Counsel Division of Corporation Fiance Securties amp Exchange Commission 100 F Street NE Washington DC 20549
Re Request for reconsideration - Welloint Inc (avaible February
24 2012)
Dear Counsel
The SEIU Master Trst (SEID) as the proponent of the resolution considered in this no-action decision respectfy asks the Division to reconsider its determination that SEIDs proposal to Welloint Inc may be excluded fom that companys proxy materials
SEID makes this request because the decision here confcts with two recent lettrs that rejected the same arguments that Welloint made here and that the Division accepted Indeed in one of those other
cases the Division has also rejected the companys request to reconsider this ruling thus upholdig a determination that the proposal is sound
As a preliminar matter we acknowledge receipt of our letter dated March 13 2012 indicating that our letter of Februar 28 2012 was treated as a request to reconsider the Divisions ruing dated Februar 24 2012 In fact our letter of Februar 28th was intended as a response to the companys incoming letter but did not arve in time
to be considered The arguents set out below are distinct fom those in the earlier letter and we respectfuy request reconsideration for the reasons set out below
The four letters aranged in chronological order are as follows
middot A proposal fom Kenneth Steiner to General Electric no-action relief denied by letter dated 10 Januar 2012 reconsideration denied by letter dated February 1 2012
middot A proposal fom Kenneth Steiner to PepsiCo no-action relief denied by lattr dated February 2 2012
middot A proposal fom John Chevedden to Reliance Steel amp Aluminum no-action relief denied by letter dated Februar 2 2012 and
2
-The SEIU proposal to WellPoint no-acton relief alowed by lettr date Februar
24 2012)
Al of these proposals seek adoption of a policy to separate the positions of chief executive offcer and chai of the board of direcrs For convenience we compare
side by side the key provisions in these proposals
The language in the GE Reliance Steel and PepsiCo proposals are identical both requesting the boardto adopt a policy that whenever
possible the chairman of our board of diectrs by an independent direcr
(by the stadard of the New York Stock Exchange) who has not previously served as an exective offcer of our Company
The WelIPoint proposal is simar but
lacks the clause at the end of GE Reliance Steel and PepsiCo proposals The board is asked to
adopt a policy that the boars chairman be an independent direcr
according to the defiition set forth in
the New York Sto Exchae (NSE) listing standar subjec to varous contingencies as identified in the proposal
These four proposals prompte four requests for no-action relief makng essentially the same arguent Indeed the letters on behal of GE PepsiCo and Welloint were from the same law fi used the same basic template and made
the same arguments using language that was oftn word-for-word identical from one letter to the nex Despite the simarties between al of these proposals the Division concluded that the WelIPoint proposal could be excluded but not the others As we now explai there is no valid basis for excluding any of these proposals and SEIU therefore asks thatthe WelIPoint decision be reconsidered and
reversed
The core argument in all four cases is that the reference to New York Stock Exchange listig standards is to vage and indefiite to pass muster under Rule
14a-8(i)(3) beause the NYSE standards are a central element of the proposal yet the content of those stadards is omitt Thus the companys lettr argued in
each of these three instaces
- A proposal may be excluded if it would impose a standard by reference to a paricular set of gudelies when the proposal or supporting statement faied
suffciently to descrbe the substative provisions of the extrnal gudelines GE Letter at p 3 PepsiCo Lettr at p 3 WelIPoint Letter at p 3
3
middot Reference was made in three of the letters to the same no-action authorities notably Boeing Co (Februar 20 2004) where the Division permtted exclusion of a proposal that the board chairman be an independent dirctr accrding to the 2003 Council of Institutional Investors (CII defiition GE Lettr at p 3 PepsiCo Lettr at p 3 WelIPoint Letter at p 3
-These proposals were said to be distinguishable from other shaeholder proposal that refer to directr independence that the Sta did not concu were vague and indefinite In these cases the reference to the exernal source was not a promient feature of the proposal GE Letter at p 4 PepsiCo Letter at p 4 WelIPoint Letter at p4
- GE PepsiCo and WelIPoint all relied on Allegheny Energy Inc (Februar 12 2010) where the staff did not concur with the exclusion of a proposal that the
chaian must be an independent direcr by the stadards of the New York Stock Exchange who has not previously served as an executive offcer of the company It was argued that the requirement that the chairman be independent by the New York Stock Exchae stadars was an additional requirement and not the priar thrst of the proposal GE Letter at p 4 PepsiCo Letter at p 4 Welloint Lettr at p 4 Each of these companies contended that the NYSE stadard of independence is a central element of the Proposal but is not defied or explaied GE Lettr at p 5 PepsiCo Letter at p 5 Welloint Letter at p 5
- GE PepsiCo and Welloint all acknowledged that the Division has reject
arguments for excluding similar proposals in the past They were ATamp1 Inc (January 30 2009) (adopt a policy to require tht an independent directr-as defied by the rules of the New York Stock Exchge (NYSE) be its Chair of the Board ofDirectr) Clear Channel Communications (Februar 15 2006) (askig that the board be composed solely on independent direcrs using CII stadards)
Kohls Corp (March 102003) (urgig the board to amend the bylaws t requie that an independent director-as defined by the rues of the N ew York Stock
Exchange (NYSEtI)-who has not served as an offcer of the Company be its Chairman of the Board of Directors) The decisions in these cases are said to be unpersuasive becuse the companies did not argue with enough explicitness about the reference to external standards GE Letter at p 5 PepsiCo Letter at p 5 WelIPoint Letter at p 6
Republic Steel used a different law firm but made the same argument that the proposal referred to extrnal standards that were not explained yet were a centr element of the proposal Republic Steel Lettr at pp 4-5
The Division did not explain why it reached a split verdict in these four cases
4 The only textual difference is that the WellPoint proposal does not contain the clause in the GE and PepsiCo proposals that in order to be considered independent a chairm caot have previously served as an executive offcer of our Company
This is a deparure frm the NYSE stadards because under sect 303A02(bXi) of the
NYSE Listed Company Manual a former employee may be considered independent thee years afr his or her deparure from the company
For reasons we now explain this factual distinction does not explai much less warant a dierent treatment of the proposals Indeed the company in each
instace is askig the Division to apply an overly analytca approach to definig the term independent when used in the conte of members of the board of directors
At the outset we address the notion that NYSE listig standards must be spelled out in suffcient detai that a Welloint investor wil understand what is (and is not) being requied Such a level of precsion goes well beyond what shareholders need in order to cat an intellgent vote on the SEIU proposal
The thrst of al four proposals is the same ie splitting the roles of cha and CEO so that the charman of the board is not an incubent executive of the company It is simply inaccurate to claim that the priar thst of the
WelIPoint resolution is somehow the adoption ofNYSE independence standards whereas the primar thst of the other propoals is dividing the two positions The point is made clear in the supporting statement of al these proposals
The Welloint statement thus emphasizes the vies of havig an independent board chai (who) would provide a better balance of power between the CEO and the board and would support strong independent board leadership and fuctionig The supporting statements to both the GE Reliance Stel and
PepsiCo proposals simlarly state When a CEO serves as our boar chairman this arangement may hinder our boards abilty to monitor our CEOs performce Many companes already have an independent Cha An independent Chaian is the prevailing practice in the United Kigdom and may interntional markets
All four resolutions thus have the same core goal to divide the two positions in order to promote what the proponents view as sound corporate governance with the chairman to be independent as defied by NYSE listing standards To be sure the GE Reliance Stel and PepsiCo proposals go one step fuer by seekig a
bar on former company employees even if they have been gone for three years but that is not a material distinction and indeed the GEli~ce StelepsiCo supporting statements never mention that feature of their proposal
5 Thus it defies logic to thk that WellPoint shareholders wi not understand
the reference to NSE listing standards whereas GE Reliance Steel and PepsiCo shareholders will understand the concept perfectly beause the resolutions there do not exlai the content of those listing stadards but they do add a requiement that is not in the listing standards namely a proposed ban on former exectives servg as board chai
Moreover it is diffcut to see how the additional clause dealg with former executives adds a degree of specificity sufcient to help the reader understand the reference to NYSE listing standars
But apar from the lack of a material factual distiction between the two typs of proposals it is also inaccurate to say that the NYSE stadards are so central to the proposal that they must be defied in deta And it is here that the
companes ar inisting on a level of deta that is simply unecessary to understand the SEW proposal
It is well known among investors that there are two types of direcrs iside diectors who are employed by the company and outside diretors who
are not In addition some outside directors may not be considered independent becuse of personal ties or other relationships with incumbent managers or the company
The concept of isider versus idependent director is fairly easy for shareholders to grasp and that is al that is needed in order to cast an intellgent vote on the SEW proposal Indeed the concept of independence under NSE listing stadards is so straight-forward that Welloints 2011 proxy statement refers to these concepts on numerous occsions without defiition or exlanation
At no point in the WelIPoint proxy statement does the company identif what it means for a director to be idependent under NYSE stadards though Welloint touts diectrs independence under those stadards numeroustimes
Consider the followig disclosures frm the companys most recent proxy statement
- WellPoint takes great care to assure that our (governance) meaures align with the requirements of the listing standards of the N ew York Stock Exchage (NSE) 2011 proxy at p 6
- Telve of our thirtn directors are independent under all applicable
stadards 2011 proxy at p 8
- The board has determed that certain directors are independent as defied by the NYSE listing standards 2011 proxy at p 9
6 middot Each member of the Audit Commttee is independent 2011 proxy at p 10
middot Members of the Compensation Commtte are ndependent withn the meaning of the NYSE listing standards 2011 proxy at p 10
middot Each member of the Goernance Commttee is independent as defined by the NYSE listing stadards 2011 proxy at p 11
Thats it Ths level of disclosure is consistent with Item 407(a) of Reguation S-K which requires companes to disclose defitions of independence only if they differ fom the stadards of the exchanges on which a company is listed Indeed in the adoptig release the Commssion greatly increased the requied levels of disclosure about a companys governance but seemigly viewed the concept of independence under exchage listing standards as sufciently well-defined that no fuher exlanation was needed See Release Nos 33-8732A
Executive Compensation and Related Person Disclosure 71 Fed Reg 53158 (8 Februar 2006)
This approach makes much sense The core feature of the SEIU proposal is arequest that the positions of CEO and cha be divided with the lattr to be independent under NYSE rues The SEW proposal is thus not an endorsement of X number of specific bullet points that are used to defie independence Faily read the proposal states that whatever independence standards may be required in order for Welloint shars to be traded on the New York Stok Exchange those are the stadards that should be used for a chairman
Thus the average investor need not have an encyclopedic knowledge of the NYSE Liste Company Manual in order to understand the SEIU proposaL It is sufcient to understand the proposal tht (a) there is a category of directors who ar deemed to be idependent and that (b) whatever those criteria - which the company is not obliged to disclose in the proxy either -- the SEW proposal wants future boar chairmen to meet those crteria
It is at least arable that proposal seekig the adoption of independence standards other than those of the exchange where a companys sto is traded (eg standards developed by the Counci of Intitutional Investors which are not described) may require exlanation However and consistent with the approach
taken by Item 407(a) an exlanation would be needed because such stadards go beyond the independence standards requied to list and trade the companys stock (not because the specic defition is the central thrst of the proposal
Given that the Commssion decided to madate simply a reference to listing standard definitions of idependence as sufcient for a companys own proxy
7 disclosur it is dicult to understad why a more strgent explanation would be requied in order for sharholders to avoid exclusion under Rule 14a-8(i)(3) The
SEIU proposal here provides suffcient clarty as to what is being proposed namely the board chaian should satify whatever level of independence is required to list WelIPoint stock on the NYSE
For these reasons the SEIU Master Fund respectflly urges the Division to reconsider its decision regaring the WelIPoint resolution and to reverse its earlier determation
Very truly your
~~lf-Eunice Washigton Dirctor of Benefit Fundslegal
cc Amy Goma Esq
~ ~~ SEIU Stronger Together
SERVCE EMPLOYEES
INTERNATIONA UNION CLC
SEIU MAR TRUST II Dupont Orce NW Ste 900
Washingto DC 20036-1202
2027307500
8004581010
wwSEIUorg 2908~om 905 e8
Febru 28 2012
Securties and Exchange Commssion Offce of the Chief Counel Division of Corporation Finace 100 F Street NE Washington DC 20549
Re Request by Wellpoint Inc to omit shaeholder proposa submitted by the SEIU Master Trut
bea SirMadam
Pusuat to Rule 14a-8 under the Securties Exchange Act of 1934 the
Service Employees Internationa Union Master Tru (the Trut) submitted a shareholder proposal (the Proposa) to Wellpoint Inc (Wellpoint or the
Company) The Proposal asks Wellpoints board of diectors to adopt a policy that the boards chaian be an independent director according to the definition set fort in the New York Stock Exchages (NSEs) listig stdards
In a letter to the Division dated Janua 12 2012 (the No-Action Request) Wellpoint stated tht it intends to omit the Proposa from its proxy materials to be distrbuted to stockholders in connection with the Companys 2012 anua meetig of shaeholdersWellpoint argued that it is entitled to exclude the Proposal in reliance on Rule 14a-8(i)(3) on the ground that the Proposal is vague and indefite and thus materially false or misleang in violation of Rule 14a-9 As discussed more fully below Wellpoint has not met its burden of providing its entitlement to rely on tluit exclusion accordingly the Trut respectfully ask thatits request for relIefbe denied The Proposal
The Proposa states
RESOLVED that shaeholders of Wellpoint Inc (Wellpoint) urge the board of diectors to adopt a policy that theacute boards chaian be an independent diector accordig to the definition set fort in the New York Stock Exchage (NSE) listig stdads uness Wellpoints stock
ceaes to be listed on the NYSE and is listed on another exchange at which tie that exchanges stdad of independence should apply The pol~cy
should provide that if the board determes that a chaan who was independent when he or she was selected is no longer independent the board shall promptly select a new chaian who is independent
Compliance with ths policy should be excused if no diector who
SECWellpointSEIU Master Trut
quales as independent is elected by shareholders or if no independent diector is willig to sere as chairman This policy should be applied prospectively so as
not to violate any contractual obligation of Well point
The Proposal is Not Excessively Vague
Rule 14a-8(i)(3) alows a company to exclude a sharholder proposal if it violates any of the Commssions other proxy rules includig Rule 14a-9s prohibition on materialy false or misleadig statements Wellpoint clai that the Proposal is excessively vague beause it refers to but does not derme the NYSE listing stadads for diector independence
The Sta has state that a proposal is excesively vague if neither the stockholders voting on the proposal nor the company iIi implementig the proposal (if adopted) would be able to detee with any reaonable certty exacty what actions or meaures the proposal requires (Sta Legal Bulleti No 14B (Sept 15 200)) That is not the case here Wellpoints proxy statement is replete with reerences to ditors
beng indepenpent as defied by the NYSEs listing standads agravend the SECs rules (2011 proxy statement at page 9) and independent with the meang of the NYSE listig stadards fu at 10 see also id at 11) Wellpoint did not elabrate on or descrbe
the requirements of the NYSE~s listig stadad on diecor independence (or Wellpoints
application thereof) despite the fact that shareholders wer being asked to vote for direors based on these proxy materials
The determnations cite by Wellpoint did not involve a stadard or set of
gudelines that the company itself was aleady applyig and which was aleady referenced in the companys proxy materials Wellpoint points to deteinations
regarng proposals that sought to impose reportg or substative obligations defied by unfamar external cods or guidelines that were not descrbe at al in the proposals
The Sta has recently refuse to grant relief in circustaces simlar to those here In Alegheny Energy Inc (publicly available Feb 12 2010) the proposal asked the company to adopt a policy that whenever possible the chairman bean independent ditor by the stadad of the New York Stock Exchange The proposal did not set fort
or describe the NYSE listig stadard The company argued that the proposal was excesively vague because it referenced but did not defie an external set of giidelines ff at 5) TheSta declied to grant relief
Accordigly Wellpoint has not met its buren of establishing that the Proposal is excesively vague and thus excludable under Rule 14a-8(i)(3) We respectly urge that its reuest for no-action relief be denied
2
SECWellpointSEIU Master Trut
If you have any questions or nee additional information please do not hesitate to call my colleague Vonda Brunsting at (212) 471-1315 The Trust appreciates the opportnity to be of assistace in ths mattr
Very trly your
DIce as ington Dirtor of Benefit Fundslgal Counsel ~Eu w h
o V onda Brunstig
Amy Good Gibson Dunn amp Crutcher IL
3
GIBSON DUNN
Janua 12 2012
VI EMA
Offce of Chief Counsel Diviion of Corporon Fin Secures and Excha Commssion 100 F Strt NE
20549Washin DC
Re WellPoint Inc
Sheholde Proposal ofSE Master Tru Exhage Act of 1934-Rue 140-8
Laes an Getlemen
Gibs Dunn Crer Ll
10 Conei Avenue HW
Wasing OC Ol 5106 reI ~95585 _llibSigraveinncx
Ai Go DI +12086 i= +1 209AGoiliu campe 9lo
a ~- ~
- -If
~
~
~ l
~~
Ths letter is to inorm you tlour client Welloin Inc (th CompaYiexcl intend to omitShaoldersproxy for it 2012 Anua Meeti offrom its prxy stent and form of
(collectively the 2012 Prxy Mateals) a shholde proposa (th Prposa) anstements in suport therf recived frm the SEIU Maer Tro (the Pponent)
Put to Rule 14a-8G) we hae
filed th let with the Seuies and Exchae Comssion (the Cosson) no lar th eighty (80) caenda days beore th Compay
in to tie it defitive 2012 Prxy Maris with th Commsion an
ths corrondence to the Proponent conctly set a copy of
Rule 14a-8(k) an Stff Lega Bullet No 14D (Nov 72008) (SLB 14Dj prvide th
shholde proponents ar requied to send compaes a coy of any condce ththe Diviion of Corpraonthe prponents elect to sut to the Commion or the st of
Fince (the Sta Accrdngy we ar tag th opprtty to inorm the Prponent th if the Prponent elect to submit additiona corrspndence to the Commsson or the
th corrondence should be fuShedStawith repe to the Prposa a copy of
the Compay purt to Rule i 4a-8(k) andconcurntly to th underigned on beha of
SLB 14D
8r1S Centry Ci Dalla De Duba Hong Ko Lo Lo Anle Munich New vl1 Ornge Conty Palo AlID Pas Sa Franc Sf Paulo Singpo Waingtn DC
~
GIBSON DUNN
Offce of Chief ComieI Division of Corpraon Fince Janua 12t 2012 Page 2
TH PROPOSAL
The Proposa sta
RESOLVEDs th sheholder ofWellpoIn Inc (Wellpoint) ure the bo of diectors to adopt a policy tht the boars chaan be an inepen direcr accord to the defion set for in the NewYork Stok Exchae (NYSEj lig stds uness Wellpointls st ce to be li on the NYSE and is list on another exchage at whch tie th exchanets stda of indepndenc shoud apply
Th policy should provide th if the boar dees th a cha who wa inependent when he or sh was selected is no long inep the boar sha prompy select a new cha who is inept Complice with this policy should be excu if no ditor who ques as indepde is elec by shaholder or if no indepnd diecr is wi to see as cha Ths policy should be applied prospvely so as no to violate any cont obligaon of Well point
th Prposa the sup sten an related correspondece frm thA copy of
Prpone is athed to ths lettr as Exhibit A
BAS FOR EXCLUSION
We believe tht the Prposa ma prpely be exclud frm the 2012 Prxy Maal pmst to Rule 14a-8(i)(3) be the Prsa refer to an ex se of gudelies for implemen the Proposa but fagrave to adualy defie those gudelines reer it imperibly vage an indefite so as to be inertly mileang
ANALYSI
The Prpoal May Be Excluded Under Rule 14a-8i)(3) Becaus The Propol Is
Impermsibly Vage And Indefte So As To Be Inherentl Mileadig
Rule 14a-8(i)(3) pets the exclusion of a shholde propo if the prposa or suppo Commons proxY iies includ Rule 14a-9 whchstent is contr to any of the
prhibits may fal or milead stents in prxy soliciti mate The Staconsy ha taen the position th a shholder prposa is excludle under
neither the stockholder voti on the proposaRule 14a-8(i3) as vae and indefi if
nor the compay in implementi the prposa (if adpte) would be able to determe With
~
GIBSON DUNN
Ofce of Chief Counl Division of CoipratiQn Fince Janua 12 2012 Page 3
any reble cert exac wh acons or meas th proposa requi Sta
Leal Bullet No 14B (Sept 15200) (LB 14B) see alo Dyer v SEC 287 F2d 773181 (8th Cir 1961) ((It ap to us th the propo as dr and sumi to the compay is so vagu and indef as to mae it impossible for either the board of dirs
wh th propsa would en)or the stockholdei at lae to comphe preisely
The Staha peimtt the exclusion of shholder prsas tb-us lie the Propo
imse a stda by referce to a pacu se of gudeli when the propo or the ex su stteent fagraveoo suciently to describe the substive provisions of
Mobuuml Corp (Naylo) (avai Ma 21 2011) (conc with gudelies See eg Exon
the excluson of a proposa reues the us of bu fai to suciently exla
gudelies frm the Globa Reprt Invej ATampT Inc (Feb 162010) (concmg with the excluson of a propsa th sougt a report on among oth th grts
lobbying communcaons as defied in 26 CFR sect 56491 i -2) Johnon amp Johnon (avthFeb 72003) (concug wi the exclusion ofa prposa reesg the adoption of
Gla Ceg Commions busin remmenons without desbin threommention)
In Boeing Co (avai Feb 10 2004) th sholde proposa requestd a bylaw reui the cha of the companys bo of dirs to be an indepen dir acrd
Intituona Invesrs defition The company ar th th proposal reerced a stdar for indepdence but fied to adequaely deribe or defe
th stda suh th sheholde would be unle to mae an inormed deion on th merits of th prosa The Sta concu with the excluson of the proposa uner
Rule 14a-8(iX3) as vag an infite beus it cfred to diose to sholde th
defition ofcindeent dior th it rsoughtlto hae inluded in the byl~ws Se alo
to the 2003 Coun of
PGampE Cooration (ava Ma 72008) Scheing-Plough Corpraton (avail Ma 7 2008)JPMorgan Chae amp Co (avai Ma 5 2008) (al concu in the exclusion of proposa th rees th the compay re the boar of dictrs to apint an inepndent lea dior as defied by th stda of indepen set by the Counil of
what th parcul stdaIntuonal Invesors withou prvidi an exlaon of
entaed
the boar of diectors mus be anThe Prposa whch st th th chaan of
inpedent dictr accordg to the defition set fort in the New York Sto Exche (NYSE) liti stda is substily simar to the proposa in Boeing an tie preen cited above Th Proposa relies upn an ext stda of inepndence (the
New York Sto Exchage stda) in order to implement a ce1r as of th Prposa thebut fas to desDe the substative prvisions of th st Withut a descrption of
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
2
-The SEIU proposal to WellPoint no-acton relief alowed by lettr date Februar
24 2012)
Al of these proposals seek adoption of a policy to separate the positions of chief executive offcer and chai of the board of direcrs For convenience we compare
side by side the key provisions in these proposals
The language in the GE Reliance Steel and PepsiCo proposals are identical both requesting the boardto adopt a policy that whenever
possible the chairman of our board of diectrs by an independent direcr
(by the stadard of the New York Stock Exchange) who has not previously served as an exective offcer of our Company
The WelIPoint proposal is simar but
lacks the clause at the end of GE Reliance Steel and PepsiCo proposals The board is asked to
adopt a policy that the boars chairman be an independent direcr
according to the defiition set forth in
the New York Sto Exchae (NSE) listing standar subjec to varous contingencies as identified in the proposal
These four proposals prompte four requests for no-action relief makng essentially the same arguent Indeed the letters on behal of GE PepsiCo and Welloint were from the same law fi used the same basic template and made
the same arguments using language that was oftn word-for-word identical from one letter to the nex Despite the simarties between al of these proposals the Division concluded that the WelIPoint proposal could be excluded but not the others As we now explai there is no valid basis for excluding any of these proposals and SEIU therefore asks thatthe WelIPoint decision be reconsidered and
reversed
The core argument in all four cases is that the reference to New York Stock Exchange listig standards is to vage and indefiite to pass muster under Rule
14a-8(i)(3) beause the NYSE standards are a central element of the proposal yet the content of those stadards is omitt Thus the companys lettr argued in
each of these three instaces
- A proposal may be excluded if it would impose a standard by reference to a paricular set of gudelies when the proposal or supporting statement faied
suffciently to descrbe the substative provisions of the extrnal gudelines GE Letter at p 3 PepsiCo Lettr at p 3 WelIPoint Letter at p 3
3
middot Reference was made in three of the letters to the same no-action authorities notably Boeing Co (Februar 20 2004) where the Division permtted exclusion of a proposal that the board chairman be an independent dirctr accrding to the 2003 Council of Institutional Investors (CII defiition GE Lettr at p 3 PepsiCo Lettr at p 3 WelIPoint Letter at p 3
-These proposals were said to be distinguishable from other shaeholder proposal that refer to directr independence that the Sta did not concu were vague and indefinite In these cases the reference to the exernal source was not a promient feature of the proposal GE Letter at p 4 PepsiCo Letter at p 4 WelIPoint Letter at p4
- GE PepsiCo and WelIPoint all relied on Allegheny Energy Inc (Februar 12 2010) where the staff did not concur with the exclusion of a proposal that the
chaian must be an independent direcr by the stadards of the New York Stock Exchange who has not previously served as an executive offcer of the company It was argued that the requirement that the chairman be independent by the New York Stock Exchae stadars was an additional requirement and not the priar thrst of the proposal GE Letter at p 4 PepsiCo Letter at p 4 Welloint Lettr at p 4 Each of these companies contended that the NYSE stadard of independence is a central element of the Proposal but is not defied or explaied GE Lettr at p 5 PepsiCo Letter at p 5 Welloint Letter at p 5
- GE PepsiCo and Welloint all acknowledged that the Division has reject
arguments for excluding similar proposals in the past They were ATamp1 Inc (January 30 2009) (adopt a policy to require tht an independent directr-as defied by the rules of the New York Stock Exchge (NYSE) be its Chair of the Board ofDirectr) Clear Channel Communications (Februar 15 2006) (askig that the board be composed solely on independent direcrs using CII stadards)
Kohls Corp (March 102003) (urgig the board to amend the bylaws t requie that an independent director-as defined by the rues of the N ew York Stock
Exchange (NYSEtI)-who has not served as an offcer of the Company be its Chairman of the Board of Directors) The decisions in these cases are said to be unpersuasive becuse the companies did not argue with enough explicitness about the reference to external standards GE Letter at p 5 PepsiCo Letter at p 5 WelIPoint Letter at p 6
Republic Steel used a different law firm but made the same argument that the proposal referred to extrnal standards that were not explained yet were a centr element of the proposal Republic Steel Lettr at pp 4-5
The Division did not explain why it reached a split verdict in these four cases
4 The only textual difference is that the WellPoint proposal does not contain the clause in the GE and PepsiCo proposals that in order to be considered independent a chairm caot have previously served as an executive offcer of our Company
This is a deparure frm the NYSE stadards because under sect 303A02(bXi) of the
NYSE Listed Company Manual a former employee may be considered independent thee years afr his or her deparure from the company
For reasons we now explain this factual distinction does not explai much less warant a dierent treatment of the proposals Indeed the company in each
instace is askig the Division to apply an overly analytca approach to definig the term independent when used in the conte of members of the board of directors
At the outset we address the notion that NYSE listig standards must be spelled out in suffcient detai that a Welloint investor wil understand what is (and is not) being requied Such a level of precsion goes well beyond what shareholders need in order to cat an intellgent vote on the SEIU proposal
The thrst of al four proposals is the same ie splitting the roles of cha and CEO so that the charman of the board is not an incubent executive of the company It is simply inaccurate to claim that the priar thst of the
WelIPoint resolution is somehow the adoption ofNYSE independence standards whereas the primar thst of the other propoals is dividing the two positions The point is made clear in the supporting statement of al these proposals
The Welloint statement thus emphasizes the vies of havig an independent board chai (who) would provide a better balance of power between the CEO and the board and would support strong independent board leadership and fuctionig The supporting statements to both the GE Reliance Stel and
PepsiCo proposals simlarly state When a CEO serves as our boar chairman this arangement may hinder our boards abilty to monitor our CEOs performce Many companes already have an independent Cha An independent Chaian is the prevailing practice in the United Kigdom and may interntional markets
All four resolutions thus have the same core goal to divide the two positions in order to promote what the proponents view as sound corporate governance with the chairman to be independent as defied by NYSE listing standards To be sure the GE Reliance Stel and PepsiCo proposals go one step fuer by seekig a
bar on former company employees even if they have been gone for three years but that is not a material distinction and indeed the GEli~ce StelepsiCo supporting statements never mention that feature of their proposal
5 Thus it defies logic to thk that WellPoint shareholders wi not understand
the reference to NSE listing standards whereas GE Reliance Steel and PepsiCo shareholders will understand the concept perfectly beause the resolutions there do not exlai the content of those listing stadards but they do add a requiement that is not in the listing standards namely a proposed ban on former exectives servg as board chai
Moreover it is diffcut to see how the additional clause dealg with former executives adds a degree of specificity sufcient to help the reader understand the reference to NYSE listing standars
But apar from the lack of a material factual distiction between the two typs of proposals it is also inaccurate to say that the NYSE stadards are so central to the proposal that they must be defied in deta And it is here that the
companes ar inisting on a level of deta that is simply unecessary to understand the SEW proposal
It is well known among investors that there are two types of direcrs iside diectors who are employed by the company and outside diretors who
are not In addition some outside directors may not be considered independent becuse of personal ties or other relationships with incumbent managers or the company
The concept of isider versus idependent director is fairly easy for shareholders to grasp and that is al that is needed in order to cast an intellgent vote on the SEW proposal Indeed the concept of independence under NSE listing stadards is so straight-forward that Welloints 2011 proxy statement refers to these concepts on numerous occsions without defiition or exlanation
At no point in the WelIPoint proxy statement does the company identif what it means for a director to be idependent under NYSE stadards though Welloint touts diectrs independence under those stadards numeroustimes
Consider the followig disclosures frm the companys most recent proxy statement
- WellPoint takes great care to assure that our (governance) meaures align with the requirements of the listing standards of the N ew York Stock Exchage (NSE) 2011 proxy at p 6
- Telve of our thirtn directors are independent under all applicable
stadards 2011 proxy at p 8
- The board has determed that certain directors are independent as defied by the NYSE listing standards 2011 proxy at p 9
6 middot Each member of the Audit Commttee is independent 2011 proxy at p 10
middot Members of the Compensation Commtte are ndependent withn the meaning of the NYSE listing standards 2011 proxy at p 10
middot Each member of the Goernance Commttee is independent as defined by the NYSE listing stadards 2011 proxy at p 11
Thats it Ths level of disclosure is consistent with Item 407(a) of Reguation S-K which requires companes to disclose defitions of independence only if they differ fom the stadards of the exchanges on which a company is listed Indeed in the adoptig release the Commssion greatly increased the requied levels of disclosure about a companys governance but seemigly viewed the concept of independence under exchage listing standards as sufciently well-defined that no fuher exlanation was needed See Release Nos 33-8732A
Executive Compensation and Related Person Disclosure 71 Fed Reg 53158 (8 Februar 2006)
This approach makes much sense The core feature of the SEIU proposal is arequest that the positions of CEO and cha be divided with the lattr to be independent under NYSE rues The SEW proposal is thus not an endorsement of X number of specific bullet points that are used to defie independence Faily read the proposal states that whatever independence standards may be required in order for Welloint shars to be traded on the New York Stok Exchange those are the stadards that should be used for a chairman
Thus the average investor need not have an encyclopedic knowledge of the NYSE Liste Company Manual in order to understand the SEIU proposaL It is sufcient to understand the proposal tht (a) there is a category of directors who ar deemed to be idependent and that (b) whatever those criteria - which the company is not obliged to disclose in the proxy either -- the SEW proposal wants future boar chairmen to meet those crteria
It is at least arable that proposal seekig the adoption of independence standards other than those of the exchange where a companys sto is traded (eg standards developed by the Counci of Intitutional Investors which are not described) may require exlanation However and consistent with the approach
taken by Item 407(a) an exlanation would be needed because such stadards go beyond the independence standards requied to list and trade the companys stock (not because the specic defition is the central thrst of the proposal
Given that the Commssion decided to madate simply a reference to listing standard definitions of idependence as sufcient for a companys own proxy
7 disclosur it is dicult to understad why a more strgent explanation would be requied in order for sharholders to avoid exclusion under Rule 14a-8(i)(3) The
SEIU proposal here provides suffcient clarty as to what is being proposed namely the board chaian should satify whatever level of independence is required to list WelIPoint stock on the NYSE
For these reasons the SEIU Master Fund respectflly urges the Division to reconsider its decision regaring the WelIPoint resolution and to reverse its earlier determation
Very truly your
~~lf-Eunice Washigton Dirctor of Benefit Fundslegal
cc Amy Goma Esq
~ ~~ SEIU Stronger Together
SERVCE EMPLOYEES
INTERNATIONA UNION CLC
SEIU MAR TRUST II Dupont Orce NW Ste 900
Washingto DC 20036-1202
2027307500
8004581010
wwSEIUorg 2908~om 905 e8
Febru 28 2012
Securties and Exchange Commssion Offce of the Chief Counel Division of Corporation Finace 100 F Street NE Washington DC 20549
Re Request by Wellpoint Inc to omit shaeholder proposa submitted by the SEIU Master Trut
bea SirMadam
Pusuat to Rule 14a-8 under the Securties Exchange Act of 1934 the
Service Employees Internationa Union Master Tru (the Trut) submitted a shareholder proposal (the Proposa) to Wellpoint Inc (Wellpoint or the
Company) The Proposal asks Wellpoints board of diectors to adopt a policy that the boards chaian be an independent director according to the definition set fort in the New York Stock Exchages (NSEs) listig stdards
In a letter to the Division dated Janua 12 2012 (the No-Action Request) Wellpoint stated tht it intends to omit the Proposa from its proxy materials to be distrbuted to stockholders in connection with the Companys 2012 anua meetig of shaeholdersWellpoint argued that it is entitled to exclude the Proposal in reliance on Rule 14a-8(i)(3) on the ground that the Proposal is vague and indefite and thus materially false or misleang in violation of Rule 14a-9 As discussed more fully below Wellpoint has not met its burden of providing its entitlement to rely on tluit exclusion accordingly the Trut respectfully ask thatits request for relIefbe denied The Proposal
The Proposa states
RESOLVED that shaeholders of Wellpoint Inc (Wellpoint) urge the board of diectors to adopt a policy that theacute boards chaian be an independent diector accordig to the definition set fort in the New York Stock Exchage (NSE) listig stdads uness Wellpoints stock
ceaes to be listed on the NYSE and is listed on another exchange at which tie that exchanges stdad of independence should apply The pol~cy
should provide that if the board determes that a chaan who was independent when he or she was selected is no longer independent the board shall promptly select a new chaian who is independent
Compliance with ths policy should be excused if no diector who
SECWellpointSEIU Master Trut
quales as independent is elected by shareholders or if no independent diector is willig to sere as chairman This policy should be applied prospectively so as
not to violate any contractual obligation of Well point
The Proposal is Not Excessively Vague
Rule 14a-8(i)(3) alows a company to exclude a sharholder proposal if it violates any of the Commssions other proxy rules includig Rule 14a-9s prohibition on materialy false or misleadig statements Wellpoint clai that the Proposal is excessively vague beause it refers to but does not derme the NYSE listing stadads for diector independence
The Sta has state that a proposal is excesively vague if neither the stockholders voting on the proposal nor the company iIi implementig the proposal (if adopted) would be able to detee with any reaonable certty exacty what actions or meaures the proposal requires (Sta Legal Bulleti No 14B (Sept 15 200)) That is not the case here Wellpoints proxy statement is replete with reerences to ditors
beng indepenpent as defied by the NYSEs listing standads agravend the SECs rules (2011 proxy statement at page 9) and independent with the meang of the NYSE listig stadards fu at 10 see also id at 11) Wellpoint did not elabrate on or descrbe
the requirements of the NYSE~s listig stadad on diecor independence (or Wellpoints
application thereof) despite the fact that shareholders wer being asked to vote for direors based on these proxy materials
The determnations cite by Wellpoint did not involve a stadard or set of
gudelines that the company itself was aleady applyig and which was aleady referenced in the companys proxy materials Wellpoint points to deteinations
regarng proposals that sought to impose reportg or substative obligations defied by unfamar external cods or guidelines that were not descrbe at al in the proposals
The Sta has recently refuse to grant relief in circustaces simlar to those here In Alegheny Energy Inc (publicly available Feb 12 2010) the proposal asked the company to adopt a policy that whenever possible the chairman bean independent ditor by the stadad of the New York Stock Exchange The proposal did not set fort
or describe the NYSE listig stadard The company argued that the proposal was excesively vague because it referenced but did not defie an external set of giidelines ff at 5) TheSta declied to grant relief
Accordigly Wellpoint has not met its buren of establishing that the Proposal is excesively vague and thus excludable under Rule 14a-8(i)(3) We respectly urge that its reuest for no-action relief be denied
2
SECWellpointSEIU Master Trut
If you have any questions or nee additional information please do not hesitate to call my colleague Vonda Brunsting at (212) 471-1315 The Trust appreciates the opportnity to be of assistace in ths mattr
Very trly your
DIce as ington Dirtor of Benefit Fundslgal Counsel ~Eu w h
o V onda Brunstig
Amy Good Gibson Dunn amp Crutcher IL
3
GIBSON DUNN
Janua 12 2012
VI EMA
Offce of Chief Counsel Diviion of Corporon Fin Secures and Excha Commssion 100 F Strt NE
20549Washin DC
Re WellPoint Inc
Sheholde Proposal ofSE Master Tru Exhage Act of 1934-Rue 140-8
Laes an Getlemen
Gibs Dunn Crer Ll
10 Conei Avenue HW
Wasing OC Ol 5106 reI ~95585 _llibSigraveinncx
Ai Go DI +12086 i= +1 209AGoiliu campe 9lo
a ~- ~
- -If
~
~
~ l
~~
Ths letter is to inorm you tlour client Welloin Inc (th CompaYiexcl intend to omitShaoldersproxy for it 2012 Anua Meeti offrom its prxy stent and form of
(collectively the 2012 Prxy Mateals) a shholde proposa (th Prposa) anstements in suport therf recived frm the SEIU Maer Tro (the Pponent)
Put to Rule 14a-8G) we hae
filed th let with the Seuies and Exchae Comssion (the Cosson) no lar th eighty (80) caenda days beore th Compay
in to tie it defitive 2012 Prxy Maris with th Commsion an
ths corrondence to the Proponent conctly set a copy of
Rule 14a-8(k) an Stff Lega Bullet No 14D (Nov 72008) (SLB 14Dj prvide th
shholde proponents ar requied to send compaes a coy of any condce ththe Diviion of Corpraonthe prponents elect to sut to the Commion or the st of
Fince (the Sta Accrdngy we ar tag th opprtty to inorm the Prponent th if the Prponent elect to submit additiona corrspndence to the Commsson or the
th corrondence should be fuShedStawith repe to the Prposa a copy of
the Compay purt to Rule i 4a-8(k) andconcurntly to th underigned on beha of
SLB 14D
8r1S Centry Ci Dalla De Duba Hong Ko Lo Lo Anle Munich New vl1 Ornge Conty Palo AlID Pas Sa Franc Sf Paulo Singpo Waingtn DC
~
GIBSON DUNN
Offce of Chief ComieI Division of Corpraon Fince Janua 12t 2012 Page 2
TH PROPOSAL
The Proposa sta
RESOLVEDs th sheholder ofWellpoIn Inc (Wellpoint) ure the bo of diectors to adopt a policy tht the boars chaan be an inepen direcr accord to the defion set for in the NewYork Stok Exchae (NYSEj lig stds uness Wellpointls st ce to be li on the NYSE and is list on another exchage at whch tie th exchanets stda of indepndenc shoud apply
Th policy should provide th if the boar dees th a cha who wa inependent when he or sh was selected is no long inep the boar sha prompy select a new cha who is inept Complice with this policy should be excu if no ditor who ques as indepde is elec by shaholder or if no indepnd diecr is wi to see as cha Ths policy should be applied prospvely so as no to violate any cont obligaon of Well point
th Prposa the sup sten an related correspondece frm thA copy of
Prpone is athed to ths lettr as Exhibit A
BAS FOR EXCLUSION
We believe tht the Prposa ma prpely be exclud frm the 2012 Prxy Maal pmst to Rule 14a-8(i)(3) be the Prsa refer to an ex se of gudelies for implemen the Proposa but fagrave to adualy defie those gudelines reer it imperibly vage an indefite so as to be inertly mileang
ANALYSI
The Prpoal May Be Excluded Under Rule 14a-8i)(3) Becaus The Propol Is
Impermsibly Vage And Indefte So As To Be Inherentl Mileadig
Rule 14a-8(i)(3) pets the exclusion of a shholde propo if the prposa or suppo Commons proxY iies includ Rule 14a-9 whchstent is contr to any of the
prhibits may fal or milead stents in prxy soliciti mate The Staconsy ha taen the position th a shholder prposa is excludle under
neither the stockholder voti on the proposaRule 14a-8(i3) as vae and indefi if
nor the compay in implementi the prposa (if adpte) would be able to determe With
~
GIBSON DUNN
Ofce of Chief Counl Division of CoipratiQn Fince Janua 12 2012 Page 3
any reble cert exac wh acons or meas th proposa requi Sta
Leal Bullet No 14B (Sept 15200) (LB 14B) see alo Dyer v SEC 287 F2d 773181 (8th Cir 1961) ((It ap to us th the propo as dr and sumi to the compay is so vagu and indef as to mae it impossible for either the board of dirs
wh th propsa would en)or the stockholdei at lae to comphe preisely
The Staha peimtt the exclusion of shholder prsas tb-us lie the Propo
imse a stda by referce to a pacu se of gudeli when the propo or the ex su stteent fagraveoo suciently to describe the substive provisions of
Mobuuml Corp (Naylo) (avai Ma 21 2011) (conc with gudelies See eg Exon
the excluson of a proposa reues the us of bu fai to suciently exla
gudelies frm the Globa Reprt Invej ATampT Inc (Feb 162010) (concmg with the excluson of a propsa th sougt a report on among oth th grts
lobbying communcaons as defied in 26 CFR sect 56491 i -2) Johnon amp Johnon (avthFeb 72003) (concug wi the exclusion ofa prposa reesg the adoption of
Gla Ceg Commions busin remmenons without desbin threommention)
In Boeing Co (avai Feb 10 2004) th sholde proposa requestd a bylaw reui the cha of the companys bo of dirs to be an indepen dir acrd
Intituona Invesrs defition The company ar th th proposal reerced a stdar for indepdence but fied to adequaely deribe or defe
th stda suh th sheholde would be unle to mae an inormed deion on th merits of th prosa The Sta concu with the excluson of the proposa uner
Rule 14a-8(iX3) as vag an infite beus it cfred to diose to sholde th
defition ofcindeent dior th it rsoughtlto hae inluded in the byl~ws Se alo
to the 2003 Coun of
PGampE Cooration (ava Ma 72008) Scheing-Plough Corpraton (avail Ma 7 2008)JPMorgan Chae amp Co (avai Ma 5 2008) (al concu in the exclusion of proposa th rees th the compay re the boar of dictrs to apint an inepndent lea dior as defied by th stda of indepen set by the Counil of
what th parcul stdaIntuonal Invesors withou prvidi an exlaon of
entaed
the boar of diectors mus be anThe Prposa whch st th th chaan of
inpedent dictr accordg to the defition set fort in the New York Sto Exche (NYSE) liti stda is substily simar to the proposa in Boeing an tie preen cited above Th Proposa relies upn an ext stda of inepndence (the
New York Sto Exchage stda) in order to implement a ce1r as of th Prposa thebut fas to desDe the substative prvisions of th st Withut a descrption of
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
3
middot Reference was made in three of the letters to the same no-action authorities notably Boeing Co (Februar 20 2004) where the Division permtted exclusion of a proposal that the board chairman be an independent dirctr accrding to the 2003 Council of Institutional Investors (CII defiition GE Lettr at p 3 PepsiCo Lettr at p 3 WelIPoint Letter at p 3
-These proposals were said to be distinguishable from other shaeholder proposal that refer to directr independence that the Sta did not concu were vague and indefinite In these cases the reference to the exernal source was not a promient feature of the proposal GE Letter at p 4 PepsiCo Letter at p 4 WelIPoint Letter at p4
- GE PepsiCo and WelIPoint all relied on Allegheny Energy Inc (Februar 12 2010) where the staff did not concur with the exclusion of a proposal that the
chaian must be an independent direcr by the stadards of the New York Stock Exchange who has not previously served as an executive offcer of the company It was argued that the requirement that the chairman be independent by the New York Stock Exchae stadars was an additional requirement and not the priar thrst of the proposal GE Letter at p 4 PepsiCo Letter at p 4 Welloint Lettr at p 4 Each of these companies contended that the NYSE stadard of independence is a central element of the Proposal but is not defied or explaied GE Lettr at p 5 PepsiCo Letter at p 5 Welloint Letter at p 5
- GE PepsiCo and Welloint all acknowledged that the Division has reject
arguments for excluding similar proposals in the past They were ATamp1 Inc (January 30 2009) (adopt a policy to require tht an independent directr-as defied by the rules of the New York Stock Exchge (NYSE) be its Chair of the Board ofDirectr) Clear Channel Communications (Februar 15 2006) (askig that the board be composed solely on independent direcrs using CII stadards)
Kohls Corp (March 102003) (urgig the board to amend the bylaws t requie that an independent director-as defined by the rues of the N ew York Stock
Exchange (NYSEtI)-who has not served as an offcer of the Company be its Chairman of the Board of Directors) The decisions in these cases are said to be unpersuasive becuse the companies did not argue with enough explicitness about the reference to external standards GE Letter at p 5 PepsiCo Letter at p 5 WelIPoint Letter at p 6
Republic Steel used a different law firm but made the same argument that the proposal referred to extrnal standards that were not explained yet were a centr element of the proposal Republic Steel Lettr at pp 4-5
The Division did not explain why it reached a split verdict in these four cases
4 The only textual difference is that the WellPoint proposal does not contain the clause in the GE and PepsiCo proposals that in order to be considered independent a chairm caot have previously served as an executive offcer of our Company
This is a deparure frm the NYSE stadards because under sect 303A02(bXi) of the
NYSE Listed Company Manual a former employee may be considered independent thee years afr his or her deparure from the company
For reasons we now explain this factual distinction does not explai much less warant a dierent treatment of the proposals Indeed the company in each
instace is askig the Division to apply an overly analytca approach to definig the term independent when used in the conte of members of the board of directors
At the outset we address the notion that NYSE listig standards must be spelled out in suffcient detai that a Welloint investor wil understand what is (and is not) being requied Such a level of precsion goes well beyond what shareholders need in order to cat an intellgent vote on the SEIU proposal
The thrst of al four proposals is the same ie splitting the roles of cha and CEO so that the charman of the board is not an incubent executive of the company It is simply inaccurate to claim that the priar thst of the
WelIPoint resolution is somehow the adoption ofNYSE independence standards whereas the primar thst of the other propoals is dividing the two positions The point is made clear in the supporting statement of al these proposals
The Welloint statement thus emphasizes the vies of havig an independent board chai (who) would provide a better balance of power between the CEO and the board and would support strong independent board leadership and fuctionig The supporting statements to both the GE Reliance Stel and
PepsiCo proposals simlarly state When a CEO serves as our boar chairman this arangement may hinder our boards abilty to monitor our CEOs performce Many companes already have an independent Cha An independent Chaian is the prevailing practice in the United Kigdom and may interntional markets
All four resolutions thus have the same core goal to divide the two positions in order to promote what the proponents view as sound corporate governance with the chairman to be independent as defied by NYSE listing standards To be sure the GE Reliance Stel and PepsiCo proposals go one step fuer by seekig a
bar on former company employees even if they have been gone for three years but that is not a material distinction and indeed the GEli~ce StelepsiCo supporting statements never mention that feature of their proposal
5 Thus it defies logic to thk that WellPoint shareholders wi not understand
the reference to NSE listing standards whereas GE Reliance Steel and PepsiCo shareholders will understand the concept perfectly beause the resolutions there do not exlai the content of those listing stadards but they do add a requiement that is not in the listing standards namely a proposed ban on former exectives servg as board chai
Moreover it is diffcut to see how the additional clause dealg with former executives adds a degree of specificity sufcient to help the reader understand the reference to NYSE listing standars
But apar from the lack of a material factual distiction between the two typs of proposals it is also inaccurate to say that the NYSE stadards are so central to the proposal that they must be defied in deta And it is here that the
companes ar inisting on a level of deta that is simply unecessary to understand the SEW proposal
It is well known among investors that there are two types of direcrs iside diectors who are employed by the company and outside diretors who
are not In addition some outside directors may not be considered independent becuse of personal ties or other relationships with incumbent managers or the company
The concept of isider versus idependent director is fairly easy for shareholders to grasp and that is al that is needed in order to cast an intellgent vote on the SEW proposal Indeed the concept of independence under NSE listing stadards is so straight-forward that Welloints 2011 proxy statement refers to these concepts on numerous occsions without defiition or exlanation
At no point in the WelIPoint proxy statement does the company identif what it means for a director to be idependent under NYSE stadards though Welloint touts diectrs independence under those stadards numeroustimes
Consider the followig disclosures frm the companys most recent proxy statement
- WellPoint takes great care to assure that our (governance) meaures align with the requirements of the listing standards of the N ew York Stock Exchage (NSE) 2011 proxy at p 6
- Telve of our thirtn directors are independent under all applicable
stadards 2011 proxy at p 8
- The board has determed that certain directors are independent as defied by the NYSE listing standards 2011 proxy at p 9
6 middot Each member of the Audit Commttee is independent 2011 proxy at p 10
middot Members of the Compensation Commtte are ndependent withn the meaning of the NYSE listing standards 2011 proxy at p 10
middot Each member of the Goernance Commttee is independent as defined by the NYSE listing stadards 2011 proxy at p 11
Thats it Ths level of disclosure is consistent with Item 407(a) of Reguation S-K which requires companes to disclose defitions of independence only if they differ fom the stadards of the exchanges on which a company is listed Indeed in the adoptig release the Commssion greatly increased the requied levels of disclosure about a companys governance but seemigly viewed the concept of independence under exchage listing standards as sufciently well-defined that no fuher exlanation was needed See Release Nos 33-8732A
Executive Compensation and Related Person Disclosure 71 Fed Reg 53158 (8 Februar 2006)
This approach makes much sense The core feature of the SEIU proposal is arequest that the positions of CEO and cha be divided with the lattr to be independent under NYSE rues The SEW proposal is thus not an endorsement of X number of specific bullet points that are used to defie independence Faily read the proposal states that whatever independence standards may be required in order for Welloint shars to be traded on the New York Stok Exchange those are the stadards that should be used for a chairman
Thus the average investor need not have an encyclopedic knowledge of the NYSE Liste Company Manual in order to understand the SEIU proposaL It is sufcient to understand the proposal tht (a) there is a category of directors who ar deemed to be idependent and that (b) whatever those criteria - which the company is not obliged to disclose in the proxy either -- the SEW proposal wants future boar chairmen to meet those crteria
It is at least arable that proposal seekig the adoption of independence standards other than those of the exchange where a companys sto is traded (eg standards developed by the Counci of Intitutional Investors which are not described) may require exlanation However and consistent with the approach
taken by Item 407(a) an exlanation would be needed because such stadards go beyond the independence standards requied to list and trade the companys stock (not because the specic defition is the central thrst of the proposal
Given that the Commssion decided to madate simply a reference to listing standard definitions of idependence as sufcient for a companys own proxy
7 disclosur it is dicult to understad why a more strgent explanation would be requied in order for sharholders to avoid exclusion under Rule 14a-8(i)(3) The
SEIU proposal here provides suffcient clarty as to what is being proposed namely the board chaian should satify whatever level of independence is required to list WelIPoint stock on the NYSE
For these reasons the SEIU Master Fund respectflly urges the Division to reconsider its decision regaring the WelIPoint resolution and to reverse its earlier determation
Very truly your
~~lf-Eunice Washigton Dirctor of Benefit Fundslegal
cc Amy Goma Esq
~ ~~ SEIU Stronger Together
SERVCE EMPLOYEES
INTERNATIONA UNION CLC
SEIU MAR TRUST II Dupont Orce NW Ste 900
Washingto DC 20036-1202
2027307500
8004581010
wwSEIUorg 2908~om 905 e8
Febru 28 2012
Securties and Exchange Commssion Offce of the Chief Counel Division of Corporation Finace 100 F Street NE Washington DC 20549
Re Request by Wellpoint Inc to omit shaeholder proposa submitted by the SEIU Master Trut
bea SirMadam
Pusuat to Rule 14a-8 under the Securties Exchange Act of 1934 the
Service Employees Internationa Union Master Tru (the Trut) submitted a shareholder proposal (the Proposa) to Wellpoint Inc (Wellpoint or the
Company) The Proposal asks Wellpoints board of diectors to adopt a policy that the boards chaian be an independent director according to the definition set fort in the New York Stock Exchages (NSEs) listig stdards
In a letter to the Division dated Janua 12 2012 (the No-Action Request) Wellpoint stated tht it intends to omit the Proposa from its proxy materials to be distrbuted to stockholders in connection with the Companys 2012 anua meetig of shaeholdersWellpoint argued that it is entitled to exclude the Proposal in reliance on Rule 14a-8(i)(3) on the ground that the Proposal is vague and indefite and thus materially false or misleang in violation of Rule 14a-9 As discussed more fully below Wellpoint has not met its burden of providing its entitlement to rely on tluit exclusion accordingly the Trut respectfully ask thatits request for relIefbe denied The Proposal
The Proposa states
RESOLVED that shaeholders of Wellpoint Inc (Wellpoint) urge the board of diectors to adopt a policy that theacute boards chaian be an independent diector accordig to the definition set fort in the New York Stock Exchage (NSE) listig stdads uness Wellpoints stock
ceaes to be listed on the NYSE and is listed on another exchange at which tie that exchanges stdad of independence should apply The pol~cy
should provide that if the board determes that a chaan who was independent when he or she was selected is no longer independent the board shall promptly select a new chaian who is independent
Compliance with ths policy should be excused if no diector who
SECWellpointSEIU Master Trut
quales as independent is elected by shareholders or if no independent diector is willig to sere as chairman This policy should be applied prospectively so as
not to violate any contractual obligation of Well point
The Proposal is Not Excessively Vague
Rule 14a-8(i)(3) alows a company to exclude a sharholder proposal if it violates any of the Commssions other proxy rules includig Rule 14a-9s prohibition on materialy false or misleadig statements Wellpoint clai that the Proposal is excessively vague beause it refers to but does not derme the NYSE listing stadads for diector independence
The Sta has state that a proposal is excesively vague if neither the stockholders voting on the proposal nor the company iIi implementig the proposal (if adopted) would be able to detee with any reaonable certty exacty what actions or meaures the proposal requires (Sta Legal Bulleti No 14B (Sept 15 200)) That is not the case here Wellpoints proxy statement is replete with reerences to ditors
beng indepenpent as defied by the NYSEs listing standads agravend the SECs rules (2011 proxy statement at page 9) and independent with the meang of the NYSE listig stadards fu at 10 see also id at 11) Wellpoint did not elabrate on or descrbe
the requirements of the NYSE~s listig stadad on diecor independence (or Wellpoints
application thereof) despite the fact that shareholders wer being asked to vote for direors based on these proxy materials
The determnations cite by Wellpoint did not involve a stadard or set of
gudelines that the company itself was aleady applyig and which was aleady referenced in the companys proxy materials Wellpoint points to deteinations
regarng proposals that sought to impose reportg or substative obligations defied by unfamar external cods or guidelines that were not descrbe at al in the proposals
The Sta has recently refuse to grant relief in circustaces simlar to those here In Alegheny Energy Inc (publicly available Feb 12 2010) the proposal asked the company to adopt a policy that whenever possible the chairman bean independent ditor by the stadad of the New York Stock Exchange The proposal did not set fort
or describe the NYSE listig stadard The company argued that the proposal was excesively vague because it referenced but did not defie an external set of giidelines ff at 5) TheSta declied to grant relief
Accordigly Wellpoint has not met its buren of establishing that the Proposal is excesively vague and thus excludable under Rule 14a-8(i)(3) We respectly urge that its reuest for no-action relief be denied
2
SECWellpointSEIU Master Trut
If you have any questions or nee additional information please do not hesitate to call my colleague Vonda Brunsting at (212) 471-1315 The Trust appreciates the opportnity to be of assistace in ths mattr
Very trly your
DIce as ington Dirtor of Benefit Fundslgal Counsel ~Eu w h
o V onda Brunstig
Amy Good Gibson Dunn amp Crutcher IL
3
GIBSON DUNN
Janua 12 2012
VI EMA
Offce of Chief Counsel Diviion of Corporon Fin Secures and Excha Commssion 100 F Strt NE
20549Washin DC
Re WellPoint Inc
Sheholde Proposal ofSE Master Tru Exhage Act of 1934-Rue 140-8
Laes an Getlemen
Gibs Dunn Crer Ll
10 Conei Avenue HW
Wasing OC Ol 5106 reI ~95585 _llibSigraveinncx
Ai Go DI +12086 i= +1 209AGoiliu campe 9lo
a ~- ~
- -If
~
~
~ l
~~
Ths letter is to inorm you tlour client Welloin Inc (th CompaYiexcl intend to omitShaoldersproxy for it 2012 Anua Meeti offrom its prxy stent and form of
(collectively the 2012 Prxy Mateals) a shholde proposa (th Prposa) anstements in suport therf recived frm the SEIU Maer Tro (the Pponent)
Put to Rule 14a-8G) we hae
filed th let with the Seuies and Exchae Comssion (the Cosson) no lar th eighty (80) caenda days beore th Compay
in to tie it defitive 2012 Prxy Maris with th Commsion an
ths corrondence to the Proponent conctly set a copy of
Rule 14a-8(k) an Stff Lega Bullet No 14D (Nov 72008) (SLB 14Dj prvide th
shholde proponents ar requied to send compaes a coy of any condce ththe Diviion of Corpraonthe prponents elect to sut to the Commion or the st of
Fince (the Sta Accrdngy we ar tag th opprtty to inorm the Prponent th if the Prponent elect to submit additiona corrspndence to the Commsson or the
th corrondence should be fuShedStawith repe to the Prposa a copy of
the Compay purt to Rule i 4a-8(k) andconcurntly to th underigned on beha of
SLB 14D
8r1S Centry Ci Dalla De Duba Hong Ko Lo Lo Anle Munich New vl1 Ornge Conty Palo AlID Pas Sa Franc Sf Paulo Singpo Waingtn DC
~
GIBSON DUNN
Offce of Chief ComieI Division of Corpraon Fince Janua 12t 2012 Page 2
TH PROPOSAL
The Proposa sta
RESOLVEDs th sheholder ofWellpoIn Inc (Wellpoint) ure the bo of diectors to adopt a policy tht the boars chaan be an inepen direcr accord to the defion set for in the NewYork Stok Exchae (NYSEj lig stds uness Wellpointls st ce to be li on the NYSE and is list on another exchage at whch tie th exchanets stda of indepndenc shoud apply
Th policy should provide th if the boar dees th a cha who wa inependent when he or sh was selected is no long inep the boar sha prompy select a new cha who is inept Complice with this policy should be excu if no ditor who ques as indepde is elec by shaholder or if no indepnd diecr is wi to see as cha Ths policy should be applied prospvely so as no to violate any cont obligaon of Well point
th Prposa the sup sten an related correspondece frm thA copy of
Prpone is athed to ths lettr as Exhibit A
BAS FOR EXCLUSION
We believe tht the Prposa ma prpely be exclud frm the 2012 Prxy Maal pmst to Rule 14a-8(i)(3) be the Prsa refer to an ex se of gudelies for implemen the Proposa but fagrave to adualy defie those gudelines reer it imperibly vage an indefite so as to be inertly mileang
ANALYSI
The Prpoal May Be Excluded Under Rule 14a-8i)(3) Becaus The Propol Is
Impermsibly Vage And Indefte So As To Be Inherentl Mileadig
Rule 14a-8(i)(3) pets the exclusion of a shholde propo if the prposa or suppo Commons proxY iies includ Rule 14a-9 whchstent is contr to any of the
prhibits may fal or milead stents in prxy soliciti mate The Staconsy ha taen the position th a shholder prposa is excludle under
neither the stockholder voti on the proposaRule 14a-8(i3) as vae and indefi if
nor the compay in implementi the prposa (if adpte) would be able to determe With
~
GIBSON DUNN
Ofce of Chief Counl Division of CoipratiQn Fince Janua 12 2012 Page 3
any reble cert exac wh acons or meas th proposa requi Sta
Leal Bullet No 14B (Sept 15200) (LB 14B) see alo Dyer v SEC 287 F2d 773181 (8th Cir 1961) ((It ap to us th the propo as dr and sumi to the compay is so vagu and indef as to mae it impossible for either the board of dirs
wh th propsa would en)or the stockholdei at lae to comphe preisely
The Staha peimtt the exclusion of shholder prsas tb-us lie the Propo
imse a stda by referce to a pacu se of gudeli when the propo or the ex su stteent fagraveoo suciently to describe the substive provisions of
Mobuuml Corp (Naylo) (avai Ma 21 2011) (conc with gudelies See eg Exon
the excluson of a proposa reues the us of bu fai to suciently exla
gudelies frm the Globa Reprt Invej ATampT Inc (Feb 162010) (concmg with the excluson of a propsa th sougt a report on among oth th grts
lobbying communcaons as defied in 26 CFR sect 56491 i -2) Johnon amp Johnon (avthFeb 72003) (concug wi the exclusion ofa prposa reesg the adoption of
Gla Ceg Commions busin remmenons without desbin threommention)
In Boeing Co (avai Feb 10 2004) th sholde proposa requestd a bylaw reui the cha of the companys bo of dirs to be an indepen dir acrd
Intituona Invesrs defition The company ar th th proposal reerced a stdar for indepdence but fied to adequaely deribe or defe
th stda suh th sheholde would be unle to mae an inormed deion on th merits of th prosa The Sta concu with the excluson of the proposa uner
Rule 14a-8(iX3) as vag an infite beus it cfred to diose to sholde th
defition ofcindeent dior th it rsoughtlto hae inluded in the byl~ws Se alo
to the 2003 Coun of
PGampE Cooration (ava Ma 72008) Scheing-Plough Corpraton (avail Ma 7 2008)JPMorgan Chae amp Co (avai Ma 5 2008) (al concu in the exclusion of proposa th rees th the compay re the boar of dictrs to apint an inepndent lea dior as defied by th stda of indepen set by the Counil of
what th parcul stdaIntuonal Invesors withou prvidi an exlaon of
entaed
the boar of diectors mus be anThe Prposa whch st th th chaan of
inpedent dictr accordg to the defition set fort in the New York Sto Exche (NYSE) liti stda is substily simar to the proposa in Boeing an tie preen cited above Th Proposa relies upn an ext stda of inepndence (the
New York Sto Exchage stda) in order to implement a ce1r as of th Prposa thebut fas to desDe the substative prvisions of th st Withut a descrption of
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
4 The only textual difference is that the WellPoint proposal does not contain the clause in the GE and PepsiCo proposals that in order to be considered independent a chairm caot have previously served as an executive offcer of our Company
This is a deparure frm the NYSE stadards because under sect 303A02(bXi) of the
NYSE Listed Company Manual a former employee may be considered independent thee years afr his or her deparure from the company
For reasons we now explain this factual distinction does not explai much less warant a dierent treatment of the proposals Indeed the company in each
instace is askig the Division to apply an overly analytca approach to definig the term independent when used in the conte of members of the board of directors
At the outset we address the notion that NYSE listig standards must be spelled out in suffcient detai that a Welloint investor wil understand what is (and is not) being requied Such a level of precsion goes well beyond what shareholders need in order to cat an intellgent vote on the SEIU proposal
The thrst of al four proposals is the same ie splitting the roles of cha and CEO so that the charman of the board is not an incubent executive of the company It is simply inaccurate to claim that the priar thst of the
WelIPoint resolution is somehow the adoption ofNYSE independence standards whereas the primar thst of the other propoals is dividing the two positions The point is made clear in the supporting statement of al these proposals
The Welloint statement thus emphasizes the vies of havig an independent board chai (who) would provide a better balance of power between the CEO and the board and would support strong independent board leadership and fuctionig The supporting statements to both the GE Reliance Stel and
PepsiCo proposals simlarly state When a CEO serves as our boar chairman this arangement may hinder our boards abilty to monitor our CEOs performce Many companes already have an independent Cha An independent Chaian is the prevailing practice in the United Kigdom and may interntional markets
All four resolutions thus have the same core goal to divide the two positions in order to promote what the proponents view as sound corporate governance with the chairman to be independent as defied by NYSE listing standards To be sure the GE Reliance Stel and PepsiCo proposals go one step fuer by seekig a
bar on former company employees even if they have been gone for three years but that is not a material distinction and indeed the GEli~ce StelepsiCo supporting statements never mention that feature of their proposal
5 Thus it defies logic to thk that WellPoint shareholders wi not understand
the reference to NSE listing standards whereas GE Reliance Steel and PepsiCo shareholders will understand the concept perfectly beause the resolutions there do not exlai the content of those listing stadards but they do add a requiement that is not in the listing standards namely a proposed ban on former exectives servg as board chai
Moreover it is diffcut to see how the additional clause dealg with former executives adds a degree of specificity sufcient to help the reader understand the reference to NYSE listing standars
But apar from the lack of a material factual distiction between the two typs of proposals it is also inaccurate to say that the NYSE stadards are so central to the proposal that they must be defied in deta And it is here that the
companes ar inisting on a level of deta that is simply unecessary to understand the SEW proposal
It is well known among investors that there are two types of direcrs iside diectors who are employed by the company and outside diretors who
are not In addition some outside directors may not be considered independent becuse of personal ties or other relationships with incumbent managers or the company
The concept of isider versus idependent director is fairly easy for shareholders to grasp and that is al that is needed in order to cast an intellgent vote on the SEW proposal Indeed the concept of independence under NSE listing stadards is so straight-forward that Welloints 2011 proxy statement refers to these concepts on numerous occsions without defiition or exlanation
At no point in the WelIPoint proxy statement does the company identif what it means for a director to be idependent under NYSE stadards though Welloint touts diectrs independence under those stadards numeroustimes
Consider the followig disclosures frm the companys most recent proxy statement
- WellPoint takes great care to assure that our (governance) meaures align with the requirements of the listing standards of the N ew York Stock Exchage (NSE) 2011 proxy at p 6
- Telve of our thirtn directors are independent under all applicable
stadards 2011 proxy at p 8
- The board has determed that certain directors are independent as defied by the NYSE listing standards 2011 proxy at p 9
6 middot Each member of the Audit Commttee is independent 2011 proxy at p 10
middot Members of the Compensation Commtte are ndependent withn the meaning of the NYSE listing standards 2011 proxy at p 10
middot Each member of the Goernance Commttee is independent as defined by the NYSE listing stadards 2011 proxy at p 11
Thats it Ths level of disclosure is consistent with Item 407(a) of Reguation S-K which requires companes to disclose defitions of independence only if they differ fom the stadards of the exchanges on which a company is listed Indeed in the adoptig release the Commssion greatly increased the requied levels of disclosure about a companys governance but seemigly viewed the concept of independence under exchage listing standards as sufciently well-defined that no fuher exlanation was needed See Release Nos 33-8732A
Executive Compensation and Related Person Disclosure 71 Fed Reg 53158 (8 Februar 2006)
This approach makes much sense The core feature of the SEIU proposal is arequest that the positions of CEO and cha be divided with the lattr to be independent under NYSE rues The SEW proposal is thus not an endorsement of X number of specific bullet points that are used to defie independence Faily read the proposal states that whatever independence standards may be required in order for Welloint shars to be traded on the New York Stok Exchange those are the stadards that should be used for a chairman
Thus the average investor need not have an encyclopedic knowledge of the NYSE Liste Company Manual in order to understand the SEIU proposaL It is sufcient to understand the proposal tht (a) there is a category of directors who ar deemed to be idependent and that (b) whatever those criteria - which the company is not obliged to disclose in the proxy either -- the SEW proposal wants future boar chairmen to meet those crteria
It is at least arable that proposal seekig the adoption of independence standards other than those of the exchange where a companys sto is traded (eg standards developed by the Counci of Intitutional Investors which are not described) may require exlanation However and consistent with the approach
taken by Item 407(a) an exlanation would be needed because such stadards go beyond the independence standards requied to list and trade the companys stock (not because the specic defition is the central thrst of the proposal
Given that the Commssion decided to madate simply a reference to listing standard definitions of idependence as sufcient for a companys own proxy
7 disclosur it is dicult to understad why a more strgent explanation would be requied in order for sharholders to avoid exclusion under Rule 14a-8(i)(3) The
SEIU proposal here provides suffcient clarty as to what is being proposed namely the board chaian should satify whatever level of independence is required to list WelIPoint stock on the NYSE
For these reasons the SEIU Master Fund respectflly urges the Division to reconsider its decision regaring the WelIPoint resolution and to reverse its earlier determation
Very truly your
~~lf-Eunice Washigton Dirctor of Benefit Fundslegal
cc Amy Goma Esq
~ ~~ SEIU Stronger Together
SERVCE EMPLOYEES
INTERNATIONA UNION CLC
SEIU MAR TRUST II Dupont Orce NW Ste 900
Washingto DC 20036-1202
2027307500
8004581010
wwSEIUorg 2908~om 905 e8
Febru 28 2012
Securties and Exchange Commssion Offce of the Chief Counel Division of Corporation Finace 100 F Street NE Washington DC 20549
Re Request by Wellpoint Inc to omit shaeholder proposa submitted by the SEIU Master Trut
bea SirMadam
Pusuat to Rule 14a-8 under the Securties Exchange Act of 1934 the
Service Employees Internationa Union Master Tru (the Trut) submitted a shareholder proposal (the Proposa) to Wellpoint Inc (Wellpoint or the
Company) The Proposal asks Wellpoints board of diectors to adopt a policy that the boards chaian be an independent director according to the definition set fort in the New York Stock Exchages (NSEs) listig stdards
In a letter to the Division dated Janua 12 2012 (the No-Action Request) Wellpoint stated tht it intends to omit the Proposa from its proxy materials to be distrbuted to stockholders in connection with the Companys 2012 anua meetig of shaeholdersWellpoint argued that it is entitled to exclude the Proposal in reliance on Rule 14a-8(i)(3) on the ground that the Proposal is vague and indefite and thus materially false or misleang in violation of Rule 14a-9 As discussed more fully below Wellpoint has not met its burden of providing its entitlement to rely on tluit exclusion accordingly the Trut respectfully ask thatits request for relIefbe denied The Proposal
The Proposa states
RESOLVED that shaeholders of Wellpoint Inc (Wellpoint) urge the board of diectors to adopt a policy that theacute boards chaian be an independent diector accordig to the definition set fort in the New York Stock Exchage (NSE) listig stdads uness Wellpoints stock
ceaes to be listed on the NYSE and is listed on another exchange at which tie that exchanges stdad of independence should apply The pol~cy
should provide that if the board determes that a chaan who was independent when he or she was selected is no longer independent the board shall promptly select a new chaian who is independent
Compliance with ths policy should be excused if no diector who
SECWellpointSEIU Master Trut
quales as independent is elected by shareholders or if no independent diector is willig to sere as chairman This policy should be applied prospectively so as
not to violate any contractual obligation of Well point
The Proposal is Not Excessively Vague
Rule 14a-8(i)(3) alows a company to exclude a sharholder proposal if it violates any of the Commssions other proxy rules includig Rule 14a-9s prohibition on materialy false or misleadig statements Wellpoint clai that the Proposal is excessively vague beause it refers to but does not derme the NYSE listing stadads for diector independence
The Sta has state that a proposal is excesively vague if neither the stockholders voting on the proposal nor the company iIi implementig the proposal (if adopted) would be able to detee with any reaonable certty exacty what actions or meaures the proposal requires (Sta Legal Bulleti No 14B (Sept 15 200)) That is not the case here Wellpoints proxy statement is replete with reerences to ditors
beng indepenpent as defied by the NYSEs listing standads agravend the SECs rules (2011 proxy statement at page 9) and independent with the meang of the NYSE listig stadards fu at 10 see also id at 11) Wellpoint did not elabrate on or descrbe
the requirements of the NYSE~s listig stadad on diecor independence (or Wellpoints
application thereof) despite the fact that shareholders wer being asked to vote for direors based on these proxy materials
The determnations cite by Wellpoint did not involve a stadard or set of
gudelines that the company itself was aleady applyig and which was aleady referenced in the companys proxy materials Wellpoint points to deteinations
regarng proposals that sought to impose reportg or substative obligations defied by unfamar external cods or guidelines that were not descrbe at al in the proposals
The Sta has recently refuse to grant relief in circustaces simlar to those here In Alegheny Energy Inc (publicly available Feb 12 2010) the proposal asked the company to adopt a policy that whenever possible the chairman bean independent ditor by the stadad of the New York Stock Exchange The proposal did not set fort
or describe the NYSE listig stadard The company argued that the proposal was excesively vague because it referenced but did not defie an external set of giidelines ff at 5) TheSta declied to grant relief
Accordigly Wellpoint has not met its buren of establishing that the Proposal is excesively vague and thus excludable under Rule 14a-8(i)(3) We respectly urge that its reuest for no-action relief be denied
2
SECWellpointSEIU Master Trut
If you have any questions or nee additional information please do not hesitate to call my colleague Vonda Brunsting at (212) 471-1315 The Trust appreciates the opportnity to be of assistace in ths mattr
Very trly your
DIce as ington Dirtor of Benefit Fundslgal Counsel ~Eu w h
o V onda Brunstig
Amy Good Gibson Dunn amp Crutcher IL
3
GIBSON DUNN
Janua 12 2012
VI EMA
Offce of Chief Counsel Diviion of Corporon Fin Secures and Excha Commssion 100 F Strt NE
20549Washin DC
Re WellPoint Inc
Sheholde Proposal ofSE Master Tru Exhage Act of 1934-Rue 140-8
Laes an Getlemen
Gibs Dunn Crer Ll
10 Conei Avenue HW
Wasing OC Ol 5106 reI ~95585 _llibSigraveinncx
Ai Go DI +12086 i= +1 209AGoiliu campe 9lo
a ~- ~
- -If
~
~
~ l
~~
Ths letter is to inorm you tlour client Welloin Inc (th CompaYiexcl intend to omitShaoldersproxy for it 2012 Anua Meeti offrom its prxy stent and form of
(collectively the 2012 Prxy Mateals) a shholde proposa (th Prposa) anstements in suport therf recived frm the SEIU Maer Tro (the Pponent)
Put to Rule 14a-8G) we hae
filed th let with the Seuies and Exchae Comssion (the Cosson) no lar th eighty (80) caenda days beore th Compay
in to tie it defitive 2012 Prxy Maris with th Commsion an
ths corrondence to the Proponent conctly set a copy of
Rule 14a-8(k) an Stff Lega Bullet No 14D (Nov 72008) (SLB 14Dj prvide th
shholde proponents ar requied to send compaes a coy of any condce ththe Diviion of Corpraonthe prponents elect to sut to the Commion or the st of
Fince (the Sta Accrdngy we ar tag th opprtty to inorm the Prponent th if the Prponent elect to submit additiona corrspndence to the Commsson or the
th corrondence should be fuShedStawith repe to the Prposa a copy of
the Compay purt to Rule i 4a-8(k) andconcurntly to th underigned on beha of
SLB 14D
8r1S Centry Ci Dalla De Duba Hong Ko Lo Lo Anle Munich New vl1 Ornge Conty Palo AlID Pas Sa Franc Sf Paulo Singpo Waingtn DC
~
GIBSON DUNN
Offce of Chief ComieI Division of Corpraon Fince Janua 12t 2012 Page 2
TH PROPOSAL
The Proposa sta
RESOLVEDs th sheholder ofWellpoIn Inc (Wellpoint) ure the bo of diectors to adopt a policy tht the boars chaan be an inepen direcr accord to the defion set for in the NewYork Stok Exchae (NYSEj lig stds uness Wellpointls st ce to be li on the NYSE and is list on another exchage at whch tie th exchanets stda of indepndenc shoud apply
Th policy should provide th if the boar dees th a cha who wa inependent when he or sh was selected is no long inep the boar sha prompy select a new cha who is inept Complice with this policy should be excu if no ditor who ques as indepde is elec by shaholder or if no indepnd diecr is wi to see as cha Ths policy should be applied prospvely so as no to violate any cont obligaon of Well point
th Prposa the sup sten an related correspondece frm thA copy of
Prpone is athed to ths lettr as Exhibit A
BAS FOR EXCLUSION
We believe tht the Prposa ma prpely be exclud frm the 2012 Prxy Maal pmst to Rule 14a-8(i)(3) be the Prsa refer to an ex se of gudelies for implemen the Proposa but fagrave to adualy defie those gudelines reer it imperibly vage an indefite so as to be inertly mileang
ANALYSI
The Prpoal May Be Excluded Under Rule 14a-8i)(3) Becaus The Propol Is
Impermsibly Vage And Indefte So As To Be Inherentl Mileadig
Rule 14a-8(i)(3) pets the exclusion of a shholde propo if the prposa or suppo Commons proxY iies includ Rule 14a-9 whchstent is contr to any of the
prhibits may fal or milead stents in prxy soliciti mate The Staconsy ha taen the position th a shholder prposa is excludle under
neither the stockholder voti on the proposaRule 14a-8(i3) as vae and indefi if
nor the compay in implementi the prposa (if adpte) would be able to determe With
~
GIBSON DUNN
Ofce of Chief Counl Division of CoipratiQn Fince Janua 12 2012 Page 3
any reble cert exac wh acons or meas th proposa requi Sta
Leal Bullet No 14B (Sept 15200) (LB 14B) see alo Dyer v SEC 287 F2d 773181 (8th Cir 1961) ((It ap to us th the propo as dr and sumi to the compay is so vagu and indef as to mae it impossible for either the board of dirs
wh th propsa would en)or the stockholdei at lae to comphe preisely
The Staha peimtt the exclusion of shholder prsas tb-us lie the Propo
imse a stda by referce to a pacu se of gudeli when the propo or the ex su stteent fagraveoo suciently to describe the substive provisions of
Mobuuml Corp (Naylo) (avai Ma 21 2011) (conc with gudelies See eg Exon
the excluson of a proposa reues the us of bu fai to suciently exla
gudelies frm the Globa Reprt Invej ATampT Inc (Feb 162010) (concmg with the excluson of a propsa th sougt a report on among oth th grts
lobbying communcaons as defied in 26 CFR sect 56491 i -2) Johnon amp Johnon (avthFeb 72003) (concug wi the exclusion ofa prposa reesg the adoption of
Gla Ceg Commions busin remmenons without desbin threommention)
In Boeing Co (avai Feb 10 2004) th sholde proposa requestd a bylaw reui the cha of the companys bo of dirs to be an indepen dir acrd
Intituona Invesrs defition The company ar th th proposal reerced a stdar for indepdence but fied to adequaely deribe or defe
th stda suh th sheholde would be unle to mae an inormed deion on th merits of th prosa The Sta concu with the excluson of the proposa uner
Rule 14a-8(iX3) as vag an infite beus it cfred to diose to sholde th
defition ofcindeent dior th it rsoughtlto hae inluded in the byl~ws Se alo
to the 2003 Coun of
PGampE Cooration (ava Ma 72008) Scheing-Plough Corpraton (avail Ma 7 2008)JPMorgan Chae amp Co (avai Ma 5 2008) (al concu in the exclusion of proposa th rees th the compay re the boar of dictrs to apint an inepndent lea dior as defied by th stda of indepen set by the Counil of
what th parcul stdaIntuonal Invesors withou prvidi an exlaon of
entaed
the boar of diectors mus be anThe Prposa whch st th th chaan of
inpedent dictr accordg to the defition set fort in the New York Sto Exche (NYSE) liti stda is substily simar to the proposa in Boeing an tie preen cited above Th Proposa relies upn an ext stda of inepndence (the
New York Sto Exchage stda) in order to implement a ce1r as of th Prposa thebut fas to desDe the substative prvisions of th st Withut a descrption of
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
5 Thus it defies logic to thk that WellPoint shareholders wi not understand
the reference to NSE listing standards whereas GE Reliance Steel and PepsiCo shareholders will understand the concept perfectly beause the resolutions there do not exlai the content of those listing stadards but they do add a requiement that is not in the listing standards namely a proposed ban on former exectives servg as board chai
Moreover it is diffcut to see how the additional clause dealg with former executives adds a degree of specificity sufcient to help the reader understand the reference to NYSE listing standars
But apar from the lack of a material factual distiction between the two typs of proposals it is also inaccurate to say that the NYSE stadards are so central to the proposal that they must be defied in deta And it is here that the
companes ar inisting on a level of deta that is simply unecessary to understand the SEW proposal
It is well known among investors that there are two types of direcrs iside diectors who are employed by the company and outside diretors who
are not In addition some outside directors may not be considered independent becuse of personal ties or other relationships with incumbent managers or the company
The concept of isider versus idependent director is fairly easy for shareholders to grasp and that is al that is needed in order to cast an intellgent vote on the SEW proposal Indeed the concept of independence under NSE listing stadards is so straight-forward that Welloints 2011 proxy statement refers to these concepts on numerous occsions without defiition or exlanation
At no point in the WelIPoint proxy statement does the company identif what it means for a director to be idependent under NYSE stadards though Welloint touts diectrs independence under those stadards numeroustimes
Consider the followig disclosures frm the companys most recent proxy statement
- WellPoint takes great care to assure that our (governance) meaures align with the requirements of the listing standards of the N ew York Stock Exchage (NSE) 2011 proxy at p 6
- Telve of our thirtn directors are independent under all applicable
stadards 2011 proxy at p 8
- The board has determed that certain directors are independent as defied by the NYSE listing standards 2011 proxy at p 9
6 middot Each member of the Audit Commttee is independent 2011 proxy at p 10
middot Members of the Compensation Commtte are ndependent withn the meaning of the NYSE listing standards 2011 proxy at p 10
middot Each member of the Goernance Commttee is independent as defined by the NYSE listing stadards 2011 proxy at p 11
Thats it Ths level of disclosure is consistent with Item 407(a) of Reguation S-K which requires companes to disclose defitions of independence only if they differ fom the stadards of the exchanges on which a company is listed Indeed in the adoptig release the Commssion greatly increased the requied levels of disclosure about a companys governance but seemigly viewed the concept of independence under exchage listing standards as sufciently well-defined that no fuher exlanation was needed See Release Nos 33-8732A
Executive Compensation and Related Person Disclosure 71 Fed Reg 53158 (8 Februar 2006)
This approach makes much sense The core feature of the SEIU proposal is arequest that the positions of CEO and cha be divided with the lattr to be independent under NYSE rues The SEW proposal is thus not an endorsement of X number of specific bullet points that are used to defie independence Faily read the proposal states that whatever independence standards may be required in order for Welloint shars to be traded on the New York Stok Exchange those are the stadards that should be used for a chairman
Thus the average investor need not have an encyclopedic knowledge of the NYSE Liste Company Manual in order to understand the SEIU proposaL It is sufcient to understand the proposal tht (a) there is a category of directors who ar deemed to be idependent and that (b) whatever those criteria - which the company is not obliged to disclose in the proxy either -- the SEW proposal wants future boar chairmen to meet those crteria
It is at least arable that proposal seekig the adoption of independence standards other than those of the exchange where a companys sto is traded (eg standards developed by the Counci of Intitutional Investors which are not described) may require exlanation However and consistent with the approach
taken by Item 407(a) an exlanation would be needed because such stadards go beyond the independence standards requied to list and trade the companys stock (not because the specic defition is the central thrst of the proposal
Given that the Commssion decided to madate simply a reference to listing standard definitions of idependence as sufcient for a companys own proxy
7 disclosur it is dicult to understad why a more strgent explanation would be requied in order for sharholders to avoid exclusion under Rule 14a-8(i)(3) The
SEIU proposal here provides suffcient clarty as to what is being proposed namely the board chaian should satify whatever level of independence is required to list WelIPoint stock on the NYSE
For these reasons the SEIU Master Fund respectflly urges the Division to reconsider its decision regaring the WelIPoint resolution and to reverse its earlier determation
Very truly your
~~lf-Eunice Washigton Dirctor of Benefit Fundslegal
cc Amy Goma Esq
~ ~~ SEIU Stronger Together
SERVCE EMPLOYEES
INTERNATIONA UNION CLC
SEIU MAR TRUST II Dupont Orce NW Ste 900
Washingto DC 20036-1202
2027307500
8004581010
wwSEIUorg 2908~om 905 e8
Febru 28 2012
Securties and Exchange Commssion Offce of the Chief Counel Division of Corporation Finace 100 F Street NE Washington DC 20549
Re Request by Wellpoint Inc to omit shaeholder proposa submitted by the SEIU Master Trut
bea SirMadam
Pusuat to Rule 14a-8 under the Securties Exchange Act of 1934 the
Service Employees Internationa Union Master Tru (the Trut) submitted a shareholder proposal (the Proposa) to Wellpoint Inc (Wellpoint or the
Company) The Proposal asks Wellpoints board of diectors to adopt a policy that the boards chaian be an independent director according to the definition set fort in the New York Stock Exchages (NSEs) listig stdards
In a letter to the Division dated Janua 12 2012 (the No-Action Request) Wellpoint stated tht it intends to omit the Proposa from its proxy materials to be distrbuted to stockholders in connection with the Companys 2012 anua meetig of shaeholdersWellpoint argued that it is entitled to exclude the Proposal in reliance on Rule 14a-8(i)(3) on the ground that the Proposal is vague and indefite and thus materially false or misleang in violation of Rule 14a-9 As discussed more fully below Wellpoint has not met its burden of providing its entitlement to rely on tluit exclusion accordingly the Trut respectfully ask thatits request for relIefbe denied The Proposal
The Proposa states
RESOLVED that shaeholders of Wellpoint Inc (Wellpoint) urge the board of diectors to adopt a policy that theacute boards chaian be an independent diector accordig to the definition set fort in the New York Stock Exchage (NSE) listig stdads uness Wellpoints stock
ceaes to be listed on the NYSE and is listed on another exchange at which tie that exchanges stdad of independence should apply The pol~cy
should provide that if the board determes that a chaan who was independent when he or she was selected is no longer independent the board shall promptly select a new chaian who is independent
Compliance with ths policy should be excused if no diector who
SECWellpointSEIU Master Trut
quales as independent is elected by shareholders or if no independent diector is willig to sere as chairman This policy should be applied prospectively so as
not to violate any contractual obligation of Well point
The Proposal is Not Excessively Vague
Rule 14a-8(i)(3) alows a company to exclude a sharholder proposal if it violates any of the Commssions other proxy rules includig Rule 14a-9s prohibition on materialy false or misleadig statements Wellpoint clai that the Proposal is excessively vague beause it refers to but does not derme the NYSE listing stadads for diector independence
The Sta has state that a proposal is excesively vague if neither the stockholders voting on the proposal nor the company iIi implementig the proposal (if adopted) would be able to detee with any reaonable certty exacty what actions or meaures the proposal requires (Sta Legal Bulleti No 14B (Sept 15 200)) That is not the case here Wellpoints proxy statement is replete with reerences to ditors
beng indepenpent as defied by the NYSEs listing standads agravend the SECs rules (2011 proxy statement at page 9) and independent with the meang of the NYSE listig stadards fu at 10 see also id at 11) Wellpoint did not elabrate on or descrbe
the requirements of the NYSE~s listig stadad on diecor independence (or Wellpoints
application thereof) despite the fact that shareholders wer being asked to vote for direors based on these proxy materials
The determnations cite by Wellpoint did not involve a stadard or set of
gudelines that the company itself was aleady applyig and which was aleady referenced in the companys proxy materials Wellpoint points to deteinations
regarng proposals that sought to impose reportg or substative obligations defied by unfamar external cods or guidelines that were not descrbe at al in the proposals
The Sta has recently refuse to grant relief in circustaces simlar to those here In Alegheny Energy Inc (publicly available Feb 12 2010) the proposal asked the company to adopt a policy that whenever possible the chairman bean independent ditor by the stadad of the New York Stock Exchange The proposal did not set fort
or describe the NYSE listig stadard The company argued that the proposal was excesively vague because it referenced but did not defie an external set of giidelines ff at 5) TheSta declied to grant relief
Accordigly Wellpoint has not met its buren of establishing that the Proposal is excesively vague and thus excludable under Rule 14a-8(i)(3) We respectly urge that its reuest for no-action relief be denied
2
SECWellpointSEIU Master Trut
If you have any questions or nee additional information please do not hesitate to call my colleague Vonda Brunsting at (212) 471-1315 The Trust appreciates the opportnity to be of assistace in ths mattr
Very trly your
DIce as ington Dirtor of Benefit Fundslgal Counsel ~Eu w h
o V onda Brunstig
Amy Good Gibson Dunn amp Crutcher IL
3
GIBSON DUNN
Janua 12 2012
VI EMA
Offce of Chief Counsel Diviion of Corporon Fin Secures and Excha Commssion 100 F Strt NE
20549Washin DC
Re WellPoint Inc
Sheholde Proposal ofSE Master Tru Exhage Act of 1934-Rue 140-8
Laes an Getlemen
Gibs Dunn Crer Ll
10 Conei Avenue HW
Wasing OC Ol 5106 reI ~95585 _llibSigraveinncx
Ai Go DI +12086 i= +1 209AGoiliu campe 9lo
a ~- ~
- -If
~
~
~ l
~~
Ths letter is to inorm you tlour client Welloin Inc (th CompaYiexcl intend to omitShaoldersproxy for it 2012 Anua Meeti offrom its prxy stent and form of
(collectively the 2012 Prxy Mateals) a shholde proposa (th Prposa) anstements in suport therf recived frm the SEIU Maer Tro (the Pponent)
Put to Rule 14a-8G) we hae
filed th let with the Seuies and Exchae Comssion (the Cosson) no lar th eighty (80) caenda days beore th Compay
in to tie it defitive 2012 Prxy Maris with th Commsion an
ths corrondence to the Proponent conctly set a copy of
Rule 14a-8(k) an Stff Lega Bullet No 14D (Nov 72008) (SLB 14Dj prvide th
shholde proponents ar requied to send compaes a coy of any condce ththe Diviion of Corpraonthe prponents elect to sut to the Commion or the st of
Fince (the Sta Accrdngy we ar tag th opprtty to inorm the Prponent th if the Prponent elect to submit additiona corrspndence to the Commsson or the
th corrondence should be fuShedStawith repe to the Prposa a copy of
the Compay purt to Rule i 4a-8(k) andconcurntly to th underigned on beha of
SLB 14D
8r1S Centry Ci Dalla De Duba Hong Ko Lo Lo Anle Munich New vl1 Ornge Conty Palo AlID Pas Sa Franc Sf Paulo Singpo Waingtn DC
~
GIBSON DUNN
Offce of Chief ComieI Division of Corpraon Fince Janua 12t 2012 Page 2
TH PROPOSAL
The Proposa sta
RESOLVEDs th sheholder ofWellpoIn Inc (Wellpoint) ure the bo of diectors to adopt a policy tht the boars chaan be an inepen direcr accord to the defion set for in the NewYork Stok Exchae (NYSEj lig stds uness Wellpointls st ce to be li on the NYSE and is list on another exchage at whch tie th exchanets stda of indepndenc shoud apply
Th policy should provide th if the boar dees th a cha who wa inependent when he or sh was selected is no long inep the boar sha prompy select a new cha who is inept Complice with this policy should be excu if no ditor who ques as indepde is elec by shaholder or if no indepnd diecr is wi to see as cha Ths policy should be applied prospvely so as no to violate any cont obligaon of Well point
th Prposa the sup sten an related correspondece frm thA copy of
Prpone is athed to ths lettr as Exhibit A
BAS FOR EXCLUSION
We believe tht the Prposa ma prpely be exclud frm the 2012 Prxy Maal pmst to Rule 14a-8(i)(3) be the Prsa refer to an ex se of gudelies for implemen the Proposa but fagrave to adualy defie those gudelines reer it imperibly vage an indefite so as to be inertly mileang
ANALYSI
The Prpoal May Be Excluded Under Rule 14a-8i)(3) Becaus The Propol Is
Impermsibly Vage And Indefte So As To Be Inherentl Mileadig
Rule 14a-8(i)(3) pets the exclusion of a shholde propo if the prposa or suppo Commons proxY iies includ Rule 14a-9 whchstent is contr to any of the
prhibits may fal or milead stents in prxy soliciti mate The Staconsy ha taen the position th a shholder prposa is excludle under
neither the stockholder voti on the proposaRule 14a-8(i3) as vae and indefi if
nor the compay in implementi the prposa (if adpte) would be able to determe With
~
GIBSON DUNN
Ofce of Chief Counl Division of CoipratiQn Fince Janua 12 2012 Page 3
any reble cert exac wh acons or meas th proposa requi Sta
Leal Bullet No 14B (Sept 15200) (LB 14B) see alo Dyer v SEC 287 F2d 773181 (8th Cir 1961) ((It ap to us th the propo as dr and sumi to the compay is so vagu and indef as to mae it impossible for either the board of dirs
wh th propsa would en)or the stockholdei at lae to comphe preisely
The Staha peimtt the exclusion of shholder prsas tb-us lie the Propo
imse a stda by referce to a pacu se of gudeli when the propo or the ex su stteent fagraveoo suciently to describe the substive provisions of
Mobuuml Corp (Naylo) (avai Ma 21 2011) (conc with gudelies See eg Exon
the excluson of a proposa reues the us of bu fai to suciently exla
gudelies frm the Globa Reprt Invej ATampT Inc (Feb 162010) (concmg with the excluson of a propsa th sougt a report on among oth th grts
lobbying communcaons as defied in 26 CFR sect 56491 i -2) Johnon amp Johnon (avthFeb 72003) (concug wi the exclusion ofa prposa reesg the adoption of
Gla Ceg Commions busin remmenons without desbin threommention)
In Boeing Co (avai Feb 10 2004) th sholde proposa requestd a bylaw reui the cha of the companys bo of dirs to be an indepen dir acrd
Intituona Invesrs defition The company ar th th proposal reerced a stdar for indepdence but fied to adequaely deribe or defe
th stda suh th sheholde would be unle to mae an inormed deion on th merits of th prosa The Sta concu with the excluson of the proposa uner
Rule 14a-8(iX3) as vag an infite beus it cfred to diose to sholde th
defition ofcindeent dior th it rsoughtlto hae inluded in the byl~ws Se alo
to the 2003 Coun of
PGampE Cooration (ava Ma 72008) Scheing-Plough Corpraton (avail Ma 7 2008)JPMorgan Chae amp Co (avai Ma 5 2008) (al concu in the exclusion of proposa th rees th the compay re the boar of dictrs to apint an inepndent lea dior as defied by th stda of indepen set by the Counil of
what th parcul stdaIntuonal Invesors withou prvidi an exlaon of
entaed
the boar of diectors mus be anThe Prposa whch st th th chaan of
inpedent dictr accordg to the defition set fort in the New York Sto Exche (NYSE) liti stda is substily simar to the proposa in Boeing an tie preen cited above Th Proposa relies upn an ext stda of inepndence (the
New York Sto Exchage stda) in order to implement a ce1r as of th Prposa thebut fas to desDe the substative prvisions of th st Withut a descrption of
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
6 middot Each member of the Audit Commttee is independent 2011 proxy at p 10
middot Members of the Compensation Commtte are ndependent withn the meaning of the NYSE listing standards 2011 proxy at p 10
middot Each member of the Goernance Commttee is independent as defined by the NYSE listing stadards 2011 proxy at p 11
Thats it Ths level of disclosure is consistent with Item 407(a) of Reguation S-K which requires companes to disclose defitions of independence only if they differ fom the stadards of the exchanges on which a company is listed Indeed in the adoptig release the Commssion greatly increased the requied levels of disclosure about a companys governance but seemigly viewed the concept of independence under exchage listing standards as sufciently well-defined that no fuher exlanation was needed See Release Nos 33-8732A
Executive Compensation and Related Person Disclosure 71 Fed Reg 53158 (8 Februar 2006)
This approach makes much sense The core feature of the SEIU proposal is arequest that the positions of CEO and cha be divided with the lattr to be independent under NYSE rues The SEW proposal is thus not an endorsement of X number of specific bullet points that are used to defie independence Faily read the proposal states that whatever independence standards may be required in order for Welloint shars to be traded on the New York Stok Exchange those are the stadards that should be used for a chairman
Thus the average investor need not have an encyclopedic knowledge of the NYSE Liste Company Manual in order to understand the SEIU proposaL It is sufcient to understand the proposal tht (a) there is a category of directors who ar deemed to be idependent and that (b) whatever those criteria - which the company is not obliged to disclose in the proxy either -- the SEW proposal wants future boar chairmen to meet those crteria
It is at least arable that proposal seekig the adoption of independence standards other than those of the exchange where a companys sto is traded (eg standards developed by the Counci of Intitutional Investors which are not described) may require exlanation However and consistent with the approach
taken by Item 407(a) an exlanation would be needed because such stadards go beyond the independence standards requied to list and trade the companys stock (not because the specic defition is the central thrst of the proposal
Given that the Commssion decided to madate simply a reference to listing standard definitions of idependence as sufcient for a companys own proxy
7 disclosur it is dicult to understad why a more strgent explanation would be requied in order for sharholders to avoid exclusion under Rule 14a-8(i)(3) The
SEIU proposal here provides suffcient clarty as to what is being proposed namely the board chaian should satify whatever level of independence is required to list WelIPoint stock on the NYSE
For these reasons the SEIU Master Fund respectflly urges the Division to reconsider its decision regaring the WelIPoint resolution and to reverse its earlier determation
Very truly your
~~lf-Eunice Washigton Dirctor of Benefit Fundslegal
cc Amy Goma Esq
~ ~~ SEIU Stronger Together
SERVCE EMPLOYEES
INTERNATIONA UNION CLC
SEIU MAR TRUST II Dupont Orce NW Ste 900
Washingto DC 20036-1202
2027307500
8004581010
wwSEIUorg 2908~om 905 e8
Febru 28 2012
Securties and Exchange Commssion Offce of the Chief Counel Division of Corporation Finace 100 F Street NE Washington DC 20549
Re Request by Wellpoint Inc to omit shaeholder proposa submitted by the SEIU Master Trut
bea SirMadam
Pusuat to Rule 14a-8 under the Securties Exchange Act of 1934 the
Service Employees Internationa Union Master Tru (the Trut) submitted a shareholder proposal (the Proposa) to Wellpoint Inc (Wellpoint or the
Company) The Proposal asks Wellpoints board of diectors to adopt a policy that the boards chaian be an independent director according to the definition set fort in the New York Stock Exchages (NSEs) listig stdards
In a letter to the Division dated Janua 12 2012 (the No-Action Request) Wellpoint stated tht it intends to omit the Proposa from its proxy materials to be distrbuted to stockholders in connection with the Companys 2012 anua meetig of shaeholdersWellpoint argued that it is entitled to exclude the Proposal in reliance on Rule 14a-8(i)(3) on the ground that the Proposal is vague and indefite and thus materially false or misleang in violation of Rule 14a-9 As discussed more fully below Wellpoint has not met its burden of providing its entitlement to rely on tluit exclusion accordingly the Trut respectfully ask thatits request for relIefbe denied The Proposal
The Proposa states
RESOLVED that shaeholders of Wellpoint Inc (Wellpoint) urge the board of diectors to adopt a policy that theacute boards chaian be an independent diector accordig to the definition set fort in the New York Stock Exchage (NSE) listig stdads uness Wellpoints stock
ceaes to be listed on the NYSE and is listed on another exchange at which tie that exchanges stdad of independence should apply The pol~cy
should provide that if the board determes that a chaan who was independent when he or she was selected is no longer independent the board shall promptly select a new chaian who is independent
Compliance with ths policy should be excused if no diector who
SECWellpointSEIU Master Trut
quales as independent is elected by shareholders or if no independent diector is willig to sere as chairman This policy should be applied prospectively so as
not to violate any contractual obligation of Well point
The Proposal is Not Excessively Vague
Rule 14a-8(i)(3) alows a company to exclude a sharholder proposal if it violates any of the Commssions other proxy rules includig Rule 14a-9s prohibition on materialy false or misleadig statements Wellpoint clai that the Proposal is excessively vague beause it refers to but does not derme the NYSE listing stadads for diector independence
The Sta has state that a proposal is excesively vague if neither the stockholders voting on the proposal nor the company iIi implementig the proposal (if adopted) would be able to detee with any reaonable certty exacty what actions or meaures the proposal requires (Sta Legal Bulleti No 14B (Sept 15 200)) That is not the case here Wellpoints proxy statement is replete with reerences to ditors
beng indepenpent as defied by the NYSEs listing standads agravend the SECs rules (2011 proxy statement at page 9) and independent with the meang of the NYSE listig stadards fu at 10 see also id at 11) Wellpoint did not elabrate on or descrbe
the requirements of the NYSE~s listig stadad on diecor independence (or Wellpoints
application thereof) despite the fact that shareholders wer being asked to vote for direors based on these proxy materials
The determnations cite by Wellpoint did not involve a stadard or set of
gudelines that the company itself was aleady applyig and which was aleady referenced in the companys proxy materials Wellpoint points to deteinations
regarng proposals that sought to impose reportg or substative obligations defied by unfamar external cods or guidelines that were not descrbe at al in the proposals
The Sta has recently refuse to grant relief in circustaces simlar to those here In Alegheny Energy Inc (publicly available Feb 12 2010) the proposal asked the company to adopt a policy that whenever possible the chairman bean independent ditor by the stadad of the New York Stock Exchange The proposal did not set fort
or describe the NYSE listig stadard The company argued that the proposal was excesively vague because it referenced but did not defie an external set of giidelines ff at 5) TheSta declied to grant relief
Accordigly Wellpoint has not met its buren of establishing that the Proposal is excesively vague and thus excludable under Rule 14a-8(i)(3) We respectly urge that its reuest for no-action relief be denied
2
SECWellpointSEIU Master Trut
If you have any questions or nee additional information please do not hesitate to call my colleague Vonda Brunsting at (212) 471-1315 The Trust appreciates the opportnity to be of assistace in ths mattr
Very trly your
DIce as ington Dirtor of Benefit Fundslgal Counsel ~Eu w h
o V onda Brunstig
Amy Good Gibson Dunn amp Crutcher IL
3
GIBSON DUNN
Janua 12 2012
VI EMA
Offce of Chief Counsel Diviion of Corporon Fin Secures and Excha Commssion 100 F Strt NE
20549Washin DC
Re WellPoint Inc
Sheholde Proposal ofSE Master Tru Exhage Act of 1934-Rue 140-8
Laes an Getlemen
Gibs Dunn Crer Ll
10 Conei Avenue HW
Wasing OC Ol 5106 reI ~95585 _llibSigraveinncx
Ai Go DI +12086 i= +1 209AGoiliu campe 9lo
a ~- ~
- -If
~
~
~ l
~~
Ths letter is to inorm you tlour client Welloin Inc (th CompaYiexcl intend to omitShaoldersproxy for it 2012 Anua Meeti offrom its prxy stent and form of
(collectively the 2012 Prxy Mateals) a shholde proposa (th Prposa) anstements in suport therf recived frm the SEIU Maer Tro (the Pponent)
Put to Rule 14a-8G) we hae
filed th let with the Seuies and Exchae Comssion (the Cosson) no lar th eighty (80) caenda days beore th Compay
in to tie it defitive 2012 Prxy Maris with th Commsion an
ths corrondence to the Proponent conctly set a copy of
Rule 14a-8(k) an Stff Lega Bullet No 14D (Nov 72008) (SLB 14Dj prvide th
shholde proponents ar requied to send compaes a coy of any condce ththe Diviion of Corpraonthe prponents elect to sut to the Commion or the st of
Fince (the Sta Accrdngy we ar tag th opprtty to inorm the Prponent th if the Prponent elect to submit additiona corrspndence to the Commsson or the
th corrondence should be fuShedStawith repe to the Prposa a copy of
the Compay purt to Rule i 4a-8(k) andconcurntly to th underigned on beha of
SLB 14D
8r1S Centry Ci Dalla De Duba Hong Ko Lo Lo Anle Munich New vl1 Ornge Conty Palo AlID Pas Sa Franc Sf Paulo Singpo Waingtn DC
~
GIBSON DUNN
Offce of Chief ComieI Division of Corpraon Fince Janua 12t 2012 Page 2
TH PROPOSAL
The Proposa sta
RESOLVEDs th sheholder ofWellpoIn Inc (Wellpoint) ure the bo of diectors to adopt a policy tht the boars chaan be an inepen direcr accord to the defion set for in the NewYork Stok Exchae (NYSEj lig stds uness Wellpointls st ce to be li on the NYSE and is list on another exchage at whch tie th exchanets stda of indepndenc shoud apply
Th policy should provide th if the boar dees th a cha who wa inependent when he or sh was selected is no long inep the boar sha prompy select a new cha who is inept Complice with this policy should be excu if no ditor who ques as indepde is elec by shaholder or if no indepnd diecr is wi to see as cha Ths policy should be applied prospvely so as no to violate any cont obligaon of Well point
th Prposa the sup sten an related correspondece frm thA copy of
Prpone is athed to ths lettr as Exhibit A
BAS FOR EXCLUSION
We believe tht the Prposa ma prpely be exclud frm the 2012 Prxy Maal pmst to Rule 14a-8(i)(3) be the Prsa refer to an ex se of gudelies for implemen the Proposa but fagrave to adualy defie those gudelines reer it imperibly vage an indefite so as to be inertly mileang
ANALYSI
The Prpoal May Be Excluded Under Rule 14a-8i)(3) Becaus The Propol Is
Impermsibly Vage And Indefte So As To Be Inherentl Mileadig
Rule 14a-8(i)(3) pets the exclusion of a shholde propo if the prposa or suppo Commons proxY iies includ Rule 14a-9 whchstent is contr to any of the
prhibits may fal or milead stents in prxy soliciti mate The Staconsy ha taen the position th a shholder prposa is excludle under
neither the stockholder voti on the proposaRule 14a-8(i3) as vae and indefi if
nor the compay in implementi the prposa (if adpte) would be able to determe With
~
GIBSON DUNN
Ofce of Chief Counl Division of CoipratiQn Fince Janua 12 2012 Page 3
any reble cert exac wh acons or meas th proposa requi Sta
Leal Bullet No 14B (Sept 15200) (LB 14B) see alo Dyer v SEC 287 F2d 773181 (8th Cir 1961) ((It ap to us th the propo as dr and sumi to the compay is so vagu and indef as to mae it impossible for either the board of dirs
wh th propsa would en)or the stockholdei at lae to comphe preisely
The Staha peimtt the exclusion of shholder prsas tb-us lie the Propo
imse a stda by referce to a pacu se of gudeli when the propo or the ex su stteent fagraveoo suciently to describe the substive provisions of
Mobuuml Corp (Naylo) (avai Ma 21 2011) (conc with gudelies See eg Exon
the excluson of a proposa reues the us of bu fai to suciently exla
gudelies frm the Globa Reprt Invej ATampT Inc (Feb 162010) (concmg with the excluson of a propsa th sougt a report on among oth th grts
lobbying communcaons as defied in 26 CFR sect 56491 i -2) Johnon amp Johnon (avthFeb 72003) (concug wi the exclusion ofa prposa reesg the adoption of
Gla Ceg Commions busin remmenons without desbin threommention)
In Boeing Co (avai Feb 10 2004) th sholde proposa requestd a bylaw reui the cha of the companys bo of dirs to be an indepen dir acrd
Intituona Invesrs defition The company ar th th proposal reerced a stdar for indepdence but fied to adequaely deribe or defe
th stda suh th sheholde would be unle to mae an inormed deion on th merits of th prosa The Sta concu with the excluson of the proposa uner
Rule 14a-8(iX3) as vag an infite beus it cfred to diose to sholde th
defition ofcindeent dior th it rsoughtlto hae inluded in the byl~ws Se alo
to the 2003 Coun of
PGampE Cooration (ava Ma 72008) Scheing-Plough Corpraton (avail Ma 7 2008)JPMorgan Chae amp Co (avai Ma 5 2008) (al concu in the exclusion of proposa th rees th the compay re the boar of dictrs to apint an inepndent lea dior as defied by th stda of indepen set by the Counil of
what th parcul stdaIntuonal Invesors withou prvidi an exlaon of
entaed
the boar of diectors mus be anThe Prposa whch st th th chaan of
inpedent dictr accordg to the defition set fort in the New York Sto Exche (NYSE) liti stda is substily simar to the proposa in Boeing an tie preen cited above Th Proposa relies upn an ext stda of inepndence (the
New York Sto Exchage stda) in order to implement a ce1r as of th Prposa thebut fas to desDe the substative prvisions of th st Withut a descrption of
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
7 disclosur it is dicult to understad why a more strgent explanation would be requied in order for sharholders to avoid exclusion under Rule 14a-8(i)(3) The
SEIU proposal here provides suffcient clarty as to what is being proposed namely the board chaian should satify whatever level of independence is required to list WelIPoint stock on the NYSE
For these reasons the SEIU Master Fund respectflly urges the Division to reconsider its decision regaring the WelIPoint resolution and to reverse its earlier determation
Very truly your
~~lf-Eunice Washigton Dirctor of Benefit Fundslegal
cc Amy Goma Esq
~ ~~ SEIU Stronger Together
SERVCE EMPLOYEES
INTERNATIONA UNION CLC
SEIU MAR TRUST II Dupont Orce NW Ste 900
Washingto DC 20036-1202
2027307500
8004581010
wwSEIUorg 2908~om 905 e8
Febru 28 2012
Securties and Exchange Commssion Offce of the Chief Counel Division of Corporation Finace 100 F Street NE Washington DC 20549
Re Request by Wellpoint Inc to omit shaeholder proposa submitted by the SEIU Master Trut
bea SirMadam
Pusuat to Rule 14a-8 under the Securties Exchange Act of 1934 the
Service Employees Internationa Union Master Tru (the Trut) submitted a shareholder proposal (the Proposa) to Wellpoint Inc (Wellpoint or the
Company) The Proposal asks Wellpoints board of diectors to adopt a policy that the boards chaian be an independent director according to the definition set fort in the New York Stock Exchages (NSEs) listig stdards
In a letter to the Division dated Janua 12 2012 (the No-Action Request) Wellpoint stated tht it intends to omit the Proposa from its proxy materials to be distrbuted to stockholders in connection with the Companys 2012 anua meetig of shaeholdersWellpoint argued that it is entitled to exclude the Proposal in reliance on Rule 14a-8(i)(3) on the ground that the Proposal is vague and indefite and thus materially false or misleang in violation of Rule 14a-9 As discussed more fully below Wellpoint has not met its burden of providing its entitlement to rely on tluit exclusion accordingly the Trut respectfully ask thatits request for relIefbe denied The Proposal
The Proposa states
RESOLVED that shaeholders of Wellpoint Inc (Wellpoint) urge the board of diectors to adopt a policy that theacute boards chaian be an independent diector accordig to the definition set fort in the New York Stock Exchage (NSE) listig stdads uness Wellpoints stock
ceaes to be listed on the NYSE and is listed on another exchange at which tie that exchanges stdad of independence should apply The pol~cy
should provide that if the board determes that a chaan who was independent when he or she was selected is no longer independent the board shall promptly select a new chaian who is independent
Compliance with ths policy should be excused if no diector who
SECWellpointSEIU Master Trut
quales as independent is elected by shareholders or if no independent diector is willig to sere as chairman This policy should be applied prospectively so as
not to violate any contractual obligation of Well point
The Proposal is Not Excessively Vague
Rule 14a-8(i)(3) alows a company to exclude a sharholder proposal if it violates any of the Commssions other proxy rules includig Rule 14a-9s prohibition on materialy false or misleadig statements Wellpoint clai that the Proposal is excessively vague beause it refers to but does not derme the NYSE listing stadads for diector independence
The Sta has state that a proposal is excesively vague if neither the stockholders voting on the proposal nor the company iIi implementig the proposal (if adopted) would be able to detee with any reaonable certty exacty what actions or meaures the proposal requires (Sta Legal Bulleti No 14B (Sept 15 200)) That is not the case here Wellpoints proxy statement is replete with reerences to ditors
beng indepenpent as defied by the NYSEs listing standads agravend the SECs rules (2011 proxy statement at page 9) and independent with the meang of the NYSE listig stadards fu at 10 see also id at 11) Wellpoint did not elabrate on or descrbe
the requirements of the NYSE~s listig stadad on diecor independence (or Wellpoints
application thereof) despite the fact that shareholders wer being asked to vote for direors based on these proxy materials
The determnations cite by Wellpoint did not involve a stadard or set of
gudelines that the company itself was aleady applyig and which was aleady referenced in the companys proxy materials Wellpoint points to deteinations
regarng proposals that sought to impose reportg or substative obligations defied by unfamar external cods or guidelines that were not descrbe at al in the proposals
The Sta has recently refuse to grant relief in circustaces simlar to those here In Alegheny Energy Inc (publicly available Feb 12 2010) the proposal asked the company to adopt a policy that whenever possible the chairman bean independent ditor by the stadad of the New York Stock Exchange The proposal did not set fort
or describe the NYSE listig stadard The company argued that the proposal was excesively vague because it referenced but did not defie an external set of giidelines ff at 5) TheSta declied to grant relief
Accordigly Wellpoint has not met its buren of establishing that the Proposal is excesively vague and thus excludable under Rule 14a-8(i)(3) We respectly urge that its reuest for no-action relief be denied
2
SECWellpointSEIU Master Trut
If you have any questions or nee additional information please do not hesitate to call my colleague Vonda Brunsting at (212) 471-1315 The Trust appreciates the opportnity to be of assistace in ths mattr
Very trly your
DIce as ington Dirtor of Benefit Fundslgal Counsel ~Eu w h
o V onda Brunstig
Amy Good Gibson Dunn amp Crutcher IL
3
GIBSON DUNN
Janua 12 2012
VI EMA
Offce of Chief Counsel Diviion of Corporon Fin Secures and Excha Commssion 100 F Strt NE
20549Washin DC
Re WellPoint Inc
Sheholde Proposal ofSE Master Tru Exhage Act of 1934-Rue 140-8
Laes an Getlemen
Gibs Dunn Crer Ll
10 Conei Avenue HW
Wasing OC Ol 5106 reI ~95585 _llibSigraveinncx
Ai Go DI +12086 i= +1 209AGoiliu campe 9lo
a ~- ~
- -If
~
~
~ l
~~
Ths letter is to inorm you tlour client Welloin Inc (th CompaYiexcl intend to omitShaoldersproxy for it 2012 Anua Meeti offrom its prxy stent and form of
(collectively the 2012 Prxy Mateals) a shholde proposa (th Prposa) anstements in suport therf recived frm the SEIU Maer Tro (the Pponent)
Put to Rule 14a-8G) we hae
filed th let with the Seuies and Exchae Comssion (the Cosson) no lar th eighty (80) caenda days beore th Compay
in to tie it defitive 2012 Prxy Maris with th Commsion an
ths corrondence to the Proponent conctly set a copy of
Rule 14a-8(k) an Stff Lega Bullet No 14D (Nov 72008) (SLB 14Dj prvide th
shholde proponents ar requied to send compaes a coy of any condce ththe Diviion of Corpraonthe prponents elect to sut to the Commion or the st of
Fince (the Sta Accrdngy we ar tag th opprtty to inorm the Prponent th if the Prponent elect to submit additiona corrspndence to the Commsson or the
th corrondence should be fuShedStawith repe to the Prposa a copy of
the Compay purt to Rule i 4a-8(k) andconcurntly to th underigned on beha of
SLB 14D
8r1S Centry Ci Dalla De Duba Hong Ko Lo Lo Anle Munich New vl1 Ornge Conty Palo AlID Pas Sa Franc Sf Paulo Singpo Waingtn DC
~
GIBSON DUNN
Offce of Chief ComieI Division of Corpraon Fince Janua 12t 2012 Page 2
TH PROPOSAL
The Proposa sta
RESOLVEDs th sheholder ofWellpoIn Inc (Wellpoint) ure the bo of diectors to adopt a policy tht the boars chaan be an inepen direcr accord to the defion set for in the NewYork Stok Exchae (NYSEj lig stds uness Wellpointls st ce to be li on the NYSE and is list on another exchage at whch tie th exchanets stda of indepndenc shoud apply
Th policy should provide th if the boar dees th a cha who wa inependent when he or sh was selected is no long inep the boar sha prompy select a new cha who is inept Complice with this policy should be excu if no ditor who ques as indepde is elec by shaholder or if no indepnd diecr is wi to see as cha Ths policy should be applied prospvely so as no to violate any cont obligaon of Well point
th Prposa the sup sten an related correspondece frm thA copy of
Prpone is athed to ths lettr as Exhibit A
BAS FOR EXCLUSION
We believe tht the Prposa ma prpely be exclud frm the 2012 Prxy Maal pmst to Rule 14a-8(i)(3) be the Prsa refer to an ex se of gudelies for implemen the Proposa but fagrave to adualy defie those gudelines reer it imperibly vage an indefite so as to be inertly mileang
ANALYSI
The Prpoal May Be Excluded Under Rule 14a-8i)(3) Becaus The Propol Is
Impermsibly Vage And Indefte So As To Be Inherentl Mileadig
Rule 14a-8(i)(3) pets the exclusion of a shholde propo if the prposa or suppo Commons proxY iies includ Rule 14a-9 whchstent is contr to any of the
prhibits may fal or milead stents in prxy soliciti mate The Staconsy ha taen the position th a shholder prposa is excludle under
neither the stockholder voti on the proposaRule 14a-8(i3) as vae and indefi if
nor the compay in implementi the prposa (if adpte) would be able to determe With
~
GIBSON DUNN
Ofce of Chief Counl Division of CoipratiQn Fince Janua 12 2012 Page 3
any reble cert exac wh acons or meas th proposa requi Sta
Leal Bullet No 14B (Sept 15200) (LB 14B) see alo Dyer v SEC 287 F2d 773181 (8th Cir 1961) ((It ap to us th the propo as dr and sumi to the compay is so vagu and indef as to mae it impossible for either the board of dirs
wh th propsa would en)or the stockholdei at lae to comphe preisely
The Staha peimtt the exclusion of shholder prsas tb-us lie the Propo
imse a stda by referce to a pacu se of gudeli when the propo or the ex su stteent fagraveoo suciently to describe the substive provisions of
Mobuuml Corp (Naylo) (avai Ma 21 2011) (conc with gudelies See eg Exon
the excluson of a proposa reues the us of bu fai to suciently exla
gudelies frm the Globa Reprt Invej ATampT Inc (Feb 162010) (concmg with the excluson of a propsa th sougt a report on among oth th grts
lobbying communcaons as defied in 26 CFR sect 56491 i -2) Johnon amp Johnon (avthFeb 72003) (concug wi the exclusion ofa prposa reesg the adoption of
Gla Ceg Commions busin remmenons without desbin threommention)
In Boeing Co (avai Feb 10 2004) th sholde proposa requestd a bylaw reui the cha of the companys bo of dirs to be an indepen dir acrd
Intituona Invesrs defition The company ar th th proposal reerced a stdar for indepdence but fied to adequaely deribe or defe
th stda suh th sheholde would be unle to mae an inormed deion on th merits of th prosa The Sta concu with the excluson of the proposa uner
Rule 14a-8(iX3) as vag an infite beus it cfred to diose to sholde th
defition ofcindeent dior th it rsoughtlto hae inluded in the byl~ws Se alo
to the 2003 Coun of
PGampE Cooration (ava Ma 72008) Scheing-Plough Corpraton (avail Ma 7 2008)JPMorgan Chae amp Co (avai Ma 5 2008) (al concu in the exclusion of proposa th rees th the compay re the boar of dictrs to apint an inepndent lea dior as defied by th stda of indepen set by the Counil of
what th parcul stdaIntuonal Invesors withou prvidi an exlaon of
entaed
the boar of diectors mus be anThe Prposa whch st th th chaan of
inpedent dictr accordg to the defition set fort in the New York Sto Exche (NYSE) liti stda is substily simar to the proposa in Boeing an tie preen cited above Th Proposa relies upn an ext stda of inepndence (the
New York Sto Exchage stda) in order to implement a ce1r as of th Prposa thebut fas to desDe the substative prvisions of th st Withut a descrption of
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
~ ~~ SEIU Stronger Together
SERVCE EMPLOYEES
INTERNATIONA UNION CLC
SEIU MAR TRUST II Dupont Orce NW Ste 900
Washingto DC 20036-1202
2027307500
8004581010
wwSEIUorg 2908~om 905 e8
Febru 28 2012
Securties and Exchange Commssion Offce of the Chief Counel Division of Corporation Finace 100 F Street NE Washington DC 20549
Re Request by Wellpoint Inc to omit shaeholder proposa submitted by the SEIU Master Trut
bea SirMadam
Pusuat to Rule 14a-8 under the Securties Exchange Act of 1934 the
Service Employees Internationa Union Master Tru (the Trut) submitted a shareholder proposal (the Proposa) to Wellpoint Inc (Wellpoint or the
Company) The Proposal asks Wellpoints board of diectors to adopt a policy that the boards chaian be an independent director according to the definition set fort in the New York Stock Exchages (NSEs) listig stdards
In a letter to the Division dated Janua 12 2012 (the No-Action Request) Wellpoint stated tht it intends to omit the Proposa from its proxy materials to be distrbuted to stockholders in connection with the Companys 2012 anua meetig of shaeholdersWellpoint argued that it is entitled to exclude the Proposal in reliance on Rule 14a-8(i)(3) on the ground that the Proposal is vague and indefite and thus materially false or misleang in violation of Rule 14a-9 As discussed more fully below Wellpoint has not met its burden of providing its entitlement to rely on tluit exclusion accordingly the Trut respectfully ask thatits request for relIefbe denied The Proposal
The Proposa states
RESOLVED that shaeholders of Wellpoint Inc (Wellpoint) urge the board of diectors to adopt a policy that theacute boards chaian be an independent diector accordig to the definition set fort in the New York Stock Exchage (NSE) listig stdads uness Wellpoints stock
ceaes to be listed on the NYSE and is listed on another exchange at which tie that exchanges stdad of independence should apply The pol~cy
should provide that if the board determes that a chaan who was independent when he or she was selected is no longer independent the board shall promptly select a new chaian who is independent
Compliance with ths policy should be excused if no diector who
SECWellpointSEIU Master Trut
quales as independent is elected by shareholders or if no independent diector is willig to sere as chairman This policy should be applied prospectively so as
not to violate any contractual obligation of Well point
The Proposal is Not Excessively Vague
Rule 14a-8(i)(3) alows a company to exclude a sharholder proposal if it violates any of the Commssions other proxy rules includig Rule 14a-9s prohibition on materialy false or misleadig statements Wellpoint clai that the Proposal is excessively vague beause it refers to but does not derme the NYSE listing stadads for diector independence
The Sta has state that a proposal is excesively vague if neither the stockholders voting on the proposal nor the company iIi implementig the proposal (if adopted) would be able to detee with any reaonable certty exacty what actions or meaures the proposal requires (Sta Legal Bulleti No 14B (Sept 15 200)) That is not the case here Wellpoints proxy statement is replete with reerences to ditors
beng indepenpent as defied by the NYSEs listing standads agravend the SECs rules (2011 proxy statement at page 9) and independent with the meang of the NYSE listig stadards fu at 10 see also id at 11) Wellpoint did not elabrate on or descrbe
the requirements of the NYSE~s listig stadad on diecor independence (or Wellpoints
application thereof) despite the fact that shareholders wer being asked to vote for direors based on these proxy materials
The determnations cite by Wellpoint did not involve a stadard or set of
gudelines that the company itself was aleady applyig and which was aleady referenced in the companys proxy materials Wellpoint points to deteinations
regarng proposals that sought to impose reportg or substative obligations defied by unfamar external cods or guidelines that were not descrbe at al in the proposals
The Sta has recently refuse to grant relief in circustaces simlar to those here In Alegheny Energy Inc (publicly available Feb 12 2010) the proposal asked the company to adopt a policy that whenever possible the chairman bean independent ditor by the stadad of the New York Stock Exchange The proposal did not set fort
or describe the NYSE listig stadard The company argued that the proposal was excesively vague because it referenced but did not defie an external set of giidelines ff at 5) TheSta declied to grant relief
Accordigly Wellpoint has not met its buren of establishing that the Proposal is excesively vague and thus excludable under Rule 14a-8(i)(3) We respectly urge that its reuest for no-action relief be denied
2
SECWellpointSEIU Master Trut
If you have any questions or nee additional information please do not hesitate to call my colleague Vonda Brunsting at (212) 471-1315 The Trust appreciates the opportnity to be of assistace in ths mattr
Very trly your
DIce as ington Dirtor of Benefit Fundslgal Counsel ~Eu w h
o V onda Brunstig
Amy Good Gibson Dunn amp Crutcher IL
3
GIBSON DUNN
Janua 12 2012
VI EMA
Offce of Chief Counsel Diviion of Corporon Fin Secures and Excha Commssion 100 F Strt NE
20549Washin DC
Re WellPoint Inc
Sheholde Proposal ofSE Master Tru Exhage Act of 1934-Rue 140-8
Laes an Getlemen
Gibs Dunn Crer Ll
10 Conei Avenue HW
Wasing OC Ol 5106 reI ~95585 _llibSigraveinncx
Ai Go DI +12086 i= +1 209AGoiliu campe 9lo
a ~- ~
- -If
~
~
~ l
~~
Ths letter is to inorm you tlour client Welloin Inc (th CompaYiexcl intend to omitShaoldersproxy for it 2012 Anua Meeti offrom its prxy stent and form of
(collectively the 2012 Prxy Mateals) a shholde proposa (th Prposa) anstements in suport therf recived frm the SEIU Maer Tro (the Pponent)
Put to Rule 14a-8G) we hae
filed th let with the Seuies and Exchae Comssion (the Cosson) no lar th eighty (80) caenda days beore th Compay
in to tie it defitive 2012 Prxy Maris with th Commsion an
ths corrondence to the Proponent conctly set a copy of
Rule 14a-8(k) an Stff Lega Bullet No 14D (Nov 72008) (SLB 14Dj prvide th
shholde proponents ar requied to send compaes a coy of any condce ththe Diviion of Corpraonthe prponents elect to sut to the Commion or the st of
Fince (the Sta Accrdngy we ar tag th opprtty to inorm the Prponent th if the Prponent elect to submit additiona corrspndence to the Commsson or the
th corrondence should be fuShedStawith repe to the Prposa a copy of
the Compay purt to Rule i 4a-8(k) andconcurntly to th underigned on beha of
SLB 14D
8r1S Centry Ci Dalla De Duba Hong Ko Lo Lo Anle Munich New vl1 Ornge Conty Palo AlID Pas Sa Franc Sf Paulo Singpo Waingtn DC
~
GIBSON DUNN
Offce of Chief ComieI Division of Corpraon Fince Janua 12t 2012 Page 2
TH PROPOSAL
The Proposa sta
RESOLVEDs th sheholder ofWellpoIn Inc (Wellpoint) ure the bo of diectors to adopt a policy tht the boars chaan be an inepen direcr accord to the defion set for in the NewYork Stok Exchae (NYSEj lig stds uness Wellpointls st ce to be li on the NYSE and is list on another exchage at whch tie th exchanets stda of indepndenc shoud apply
Th policy should provide th if the boar dees th a cha who wa inependent when he or sh was selected is no long inep the boar sha prompy select a new cha who is inept Complice with this policy should be excu if no ditor who ques as indepde is elec by shaholder or if no indepnd diecr is wi to see as cha Ths policy should be applied prospvely so as no to violate any cont obligaon of Well point
th Prposa the sup sten an related correspondece frm thA copy of
Prpone is athed to ths lettr as Exhibit A
BAS FOR EXCLUSION
We believe tht the Prposa ma prpely be exclud frm the 2012 Prxy Maal pmst to Rule 14a-8(i)(3) be the Prsa refer to an ex se of gudelies for implemen the Proposa but fagrave to adualy defie those gudelines reer it imperibly vage an indefite so as to be inertly mileang
ANALYSI
The Prpoal May Be Excluded Under Rule 14a-8i)(3) Becaus The Propol Is
Impermsibly Vage And Indefte So As To Be Inherentl Mileadig
Rule 14a-8(i)(3) pets the exclusion of a shholde propo if the prposa or suppo Commons proxY iies includ Rule 14a-9 whchstent is contr to any of the
prhibits may fal or milead stents in prxy soliciti mate The Staconsy ha taen the position th a shholder prposa is excludle under
neither the stockholder voti on the proposaRule 14a-8(i3) as vae and indefi if
nor the compay in implementi the prposa (if adpte) would be able to determe With
~
GIBSON DUNN
Ofce of Chief Counl Division of CoipratiQn Fince Janua 12 2012 Page 3
any reble cert exac wh acons or meas th proposa requi Sta
Leal Bullet No 14B (Sept 15200) (LB 14B) see alo Dyer v SEC 287 F2d 773181 (8th Cir 1961) ((It ap to us th the propo as dr and sumi to the compay is so vagu and indef as to mae it impossible for either the board of dirs
wh th propsa would en)or the stockholdei at lae to comphe preisely
The Staha peimtt the exclusion of shholder prsas tb-us lie the Propo
imse a stda by referce to a pacu se of gudeli when the propo or the ex su stteent fagraveoo suciently to describe the substive provisions of
Mobuuml Corp (Naylo) (avai Ma 21 2011) (conc with gudelies See eg Exon
the excluson of a proposa reues the us of bu fai to suciently exla
gudelies frm the Globa Reprt Invej ATampT Inc (Feb 162010) (concmg with the excluson of a propsa th sougt a report on among oth th grts
lobbying communcaons as defied in 26 CFR sect 56491 i -2) Johnon amp Johnon (avthFeb 72003) (concug wi the exclusion ofa prposa reesg the adoption of
Gla Ceg Commions busin remmenons without desbin threommention)
In Boeing Co (avai Feb 10 2004) th sholde proposa requestd a bylaw reui the cha of the companys bo of dirs to be an indepen dir acrd
Intituona Invesrs defition The company ar th th proposal reerced a stdar for indepdence but fied to adequaely deribe or defe
th stda suh th sheholde would be unle to mae an inormed deion on th merits of th prosa The Sta concu with the excluson of the proposa uner
Rule 14a-8(iX3) as vag an infite beus it cfred to diose to sholde th
defition ofcindeent dior th it rsoughtlto hae inluded in the byl~ws Se alo
to the 2003 Coun of
PGampE Cooration (ava Ma 72008) Scheing-Plough Corpraton (avail Ma 7 2008)JPMorgan Chae amp Co (avai Ma 5 2008) (al concu in the exclusion of proposa th rees th the compay re the boar of dictrs to apint an inepndent lea dior as defied by th stda of indepen set by the Counil of
what th parcul stdaIntuonal Invesors withou prvidi an exlaon of
entaed
the boar of diectors mus be anThe Prposa whch st th th chaan of
inpedent dictr accordg to the defition set fort in the New York Sto Exche (NYSE) liti stda is substily simar to the proposa in Boeing an tie preen cited above Th Proposa relies upn an ext stda of inepndence (the
New York Sto Exchage stda) in order to implement a ce1r as of th Prposa thebut fas to desDe the substative prvisions of th st Withut a descrption of
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
SECWellpointSEIU Master Trut
quales as independent is elected by shareholders or if no independent diector is willig to sere as chairman This policy should be applied prospectively so as
not to violate any contractual obligation of Well point
The Proposal is Not Excessively Vague
Rule 14a-8(i)(3) alows a company to exclude a sharholder proposal if it violates any of the Commssions other proxy rules includig Rule 14a-9s prohibition on materialy false or misleadig statements Wellpoint clai that the Proposal is excessively vague beause it refers to but does not derme the NYSE listing stadads for diector independence
The Sta has state that a proposal is excesively vague if neither the stockholders voting on the proposal nor the company iIi implementig the proposal (if adopted) would be able to detee with any reaonable certty exacty what actions or meaures the proposal requires (Sta Legal Bulleti No 14B (Sept 15 200)) That is not the case here Wellpoints proxy statement is replete with reerences to ditors
beng indepenpent as defied by the NYSEs listing standads agravend the SECs rules (2011 proxy statement at page 9) and independent with the meang of the NYSE listig stadards fu at 10 see also id at 11) Wellpoint did not elabrate on or descrbe
the requirements of the NYSE~s listig stadad on diecor independence (or Wellpoints
application thereof) despite the fact that shareholders wer being asked to vote for direors based on these proxy materials
The determnations cite by Wellpoint did not involve a stadard or set of
gudelines that the company itself was aleady applyig and which was aleady referenced in the companys proxy materials Wellpoint points to deteinations
regarng proposals that sought to impose reportg or substative obligations defied by unfamar external cods or guidelines that were not descrbe at al in the proposals
The Sta has recently refuse to grant relief in circustaces simlar to those here In Alegheny Energy Inc (publicly available Feb 12 2010) the proposal asked the company to adopt a policy that whenever possible the chairman bean independent ditor by the stadad of the New York Stock Exchange The proposal did not set fort
or describe the NYSE listig stadard The company argued that the proposal was excesively vague because it referenced but did not defie an external set of giidelines ff at 5) TheSta declied to grant relief
Accordigly Wellpoint has not met its buren of establishing that the Proposal is excesively vague and thus excludable under Rule 14a-8(i)(3) We respectly urge that its reuest for no-action relief be denied
2
SECWellpointSEIU Master Trut
If you have any questions or nee additional information please do not hesitate to call my colleague Vonda Brunsting at (212) 471-1315 The Trust appreciates the opportnity to be of assistace in ths mattr
Very trly your
DIce as ington Dirtor of Benefit Fundslgal Counsel ~Eu w h
o V onda Brunstig
Amy Good Gibson Dunn amp Crutcher IL
3
GIBSON DUNN
Janua 12 2012
VI EMA
Offce of Chief Counsel Diviion of Corporon Fin Secures and Excha Commssion 100 F Strt NE
20549Washin DC
Re WellPoint Inc
Sheholde Proposal ofSE Master Tru Exhage Act of 1934-Rue 140-8
Laes an Getlemen
Gibs Dunn Crer Ll
10 Conei Avenue HW
Wasing OC Ol 5106 reI ~95585 _llibSigraveinncx
Ai Go DI +12086 i= +1 209AGoiliu campe 9lo
a ~- ~
- -If
~
~
~ l
~~
Ths letter is to inorm you tlour client Welloin Inc (th CompaYiexcl intend to omitShaoldersproxy for it 2012 Anua Meeti offrom its prxy stent and form of
(collectively the 2012 Prxy Mateals) a shholde proposa (th Prposa) anstements in suport therf recived frm the SEIU Maer Tro (the Pponent)
Put to Rule 14a-8G) we hae
filed th let with the Seuies and Exchae Comssion (the Cosson) no lar th eighty (80) caenda days beore th Compay
in to tie it defitive 2012 Prxy Maris with th Commsion an
ths corrondence to the Proponent conctly set a copy of
Rule 14a-8(k) an Stff Lega Bullet No 14D (Nov 72008) (SLB 14Dj prvide th
shholde proponents ar requied to send compaes a coy of any condce ththe Diviion of Corpraonthe prponents elect to sut to the Commion or the st of
Fince (the Sta Accrdngy we ar tag th opprtty to inorm the Prponent th if the Prponent elect to submit additiona corrspndence to the Commsson or the
th corrondence should be fuShedStawith repe to the Prposa a copy of
the Compay purt to Rule i 4a-8(k) andconcurntly to th underigned on beha of
SLB 14D
8r1S Centry Ci Dalla De Duba Hong Ko Lo Lo Anle Munich New vl1 Ornge Conty Palo AlID Pas Sa Franc Sf Paulo Singpo Waingtn DC
~
GIBSON DUNN
Offce of Chief ComieI Division of Corpraon Fince Janua 12t 2012 Page 2
TH PROPOSAL
The Proposa sta
RESOLVEDs th sheholder ofWellpoIn Inc (Wellpoint) ure the bo of diectors to adopt a policy tht the boars chaan be an inepen direcr accord to the defion set for in the NewYork Stok Exchae (NYSEj lig stds uness Wellpointls st ce to be li on the NYSE and is list on another exchage at whch tie th exchanets stda of indepndenc shoud apply
Th policy should provide th if the boar dees th a cha who wa inependent when he or sh was selected is no long inep the boar sha prompy select a new cha who is inept Complice with this policy should be excu if no ditor who ques as indepde is elec by shaholder or if no indepnd diecr is wi to see as cha Ths policy should be applied prospvely so as no to violate any cont obligaon of Well point
th Prposa the sup sten an related correspondece frm thA copy of
Prpone is athed to ths lettr as Exhibit A
BAS FOR EXCLUSION
We believe tht the Prposa ma prpely be exclud frm the 2012 Prxy Maal pmst to Rule 14a-8(i)(3) be the Prsa refer to an ex se of gudelies for implemen the Proposa but fagrave to adualy defie those gudelines reer it imperibly vage an indefite so as to be inertly mileang
ANALYSI
The Prpoal May Be Excluded Under Rule 14a-8i)(3) Becaus The Propol Is
Impermsibly Vage And Indefte So As To Be Inherentl Mileadig
Rule 14a-8(i)(3) pets the exclusion of a shholde propo if the prposa or suppo Commons proxY iies includ Rule 14a-9 whchstent is contr to any of the
prhibits may fal or milead stents in prxy soliciti mate The Staconsy ha taen the position th a shholder prposa is excludle under
neither the stockholder voti on the proposaRule 14a-8(i3) as vae and indefi if
nor the compay in implementi the prposa (if adpte) would be able to determe With
~
GIBSON DUNN
Ofce of Chief Counl Division of CoipratiQn Fince Janua 12 2012 Page 3
any reble cert exac wh acons or meas th proposa requi Sta
Leal Bullet No 14B (Sept 15200) (LB 14B) see alo Dyer v SEC 287 F2d 773181 (8th Cir 1961) ((It ap to us th the propo as dr and sumi to the compay is so vagu and indef as to mae it impossible for either the board of dirs
wh th propsa would en)or the stockholdei at lae to comphe preisely
The Staha peimtt the exclusion of shholder prsas tb-us lie the Propo
imse a stda by referce to a pacu se of gudeli when the propo or the ex su stteent fagraveoo suciently to describe the substive provisions of
Mobuuml Corp (Naylo) (avai Ma 21 2011) (conc with gudelies See eg Exon
the excluson of a proposa reues the us of bu fai to suciently exla
gudelies frm the Globa Reprt Invej ATampT Inc (Feb 162010) (concmg with the excluson of a propsa th sougt a report on among oth th grts
lobbying communcaons as defied in 26 CFR sect 56491 i -2) Johnon amp Johnon (avthFeb 72003) (concug wi the exclusion ofa prposa reesg the adoption of
Gla Ceg Commions busin remmenons without desbin threommention)
In Boeing Co (avai Feb 10 2004) th sholde proposa requestd a bylaw reui the cha of the companys bo of dirs to be an indepen dir acrd
Intituona Invesrs defition The company ar th th proposal reerced a stdar for indepdence but fied to adequaely deribe or defe
th stda suh th sheholde would be unle to mae an inormed deion on th merits of th prosa The Sta concu with the excluson of the proposa uner
Rule 14a-8(iX3) as vag an infite beus it cfred to diose to sholde th
defition ofcindeent dior th it rsoughtlto hae inluded in the byl~ws Se alo
to the 2003 Coun of
PGampE Cooration (ava Ma 72008) Scheing-Plough Corpraton (avail Ma 7 2008)JPMorgan Chae amp Co (avai Ma 5 2008) (al concu in the exclusion of proposa th rees th the compay re the boar of dictrs to apint an inepndent lea dior as defied by th stda of indepen set by the Counil of
what th parcul stdaIntuonal Invesors withou prvidi an exlaon of
entaed
the boar of diectors mus be anThe Prposa whch st th th chaan of
inpedent dictr accordg to the defition set fort in the New York Sto Exche (NYSE) liti stda is substily simar to the proposa in Boeing an tie preen cited above Th Proposa relies upn an ext stda of inepndence (the
New York Sto Exchage stda) in order to implement a ce1r as of th Prposa thebut fas to desDe the substative prvisions of th st Withut a descrption of
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
SECWellpointSEIU Master Trut
If you have any questions or nee additional information please do not hesitate to call my colleague Vonda Brunsting at (212) 471-1315 The Trust appreciates the opportnity to be of assistace in ths mattr
Very trly your
DIce as ington Dirtor of Benefit Fundslgal Counsel ~Eu w h
o V onda Brunstig
Amy Good Gibson Dunn amp Crutcher IL
3
GIBSON DUNN
Janua 12 2012
VI EMA
Offce of Chief Counsel Diviion of Corporon Fin Secures and Excha Commssion 100 F Strt NE
20549Washin DC
Re WellPoint Inc
Sheholde Proposal ofSE Master Tru Exhage Act of 1934-Rue 140-8
Laes an Getlemen
Gibs Dunn Crer Ll
10 Conei Avenue HW
Wasing OC Ol 5106 reI ~95585 _llibSigraveinncx
Ai Go DI +12086 i= +1 209AGoiliu campe 9lo
a ~- ~
- -If
~
~
~ l
~~
Ths letter is to inorm you tlour client Welloin Inc (th CompaYiexcl intend to omitShaoldersproxy for it 2012 Anua Meeti offrom its prxy stent and form of
(collectively the 2012 Prxy Mateals) a shholde proposa (th Prposa) anstements in suport therf recived frm the SEIU Maer Tro (the Pponent)
Put to Rule 14a-8G) we hae
filed th let with the Seuies and Exchae Comssion (the Cosson) no lar th eighty (80) caenda days beore th Compay
in to tie it defitive 2012 Prxy Maris with th Commsion an
ths corrondence to the Proponent conctly set a copy of
Rule 14a-8(k) an Stff Lega Bullet No 14D (Nov 72008) (SLB 14Dj prvide th
shholde proponents ar requied to send compaes a coy of any condce ththe Diviion of Corpraonthe prponents elect to sut to the Commion or the st of
Fince (the Sta Accrdngy we ar tag th opprtty to inorm the Prponent th if the Prponent elect to submit additiona corrspndence to the Commsson or the
th corrondence should be fuShedStawith repe to the Prposa a copy of
the Compay purt to Rule i 4a-8(k) andconcurntly to th underigned on beha of
SLB 14D
8r1S Centry Ci Dalla De Duba Hong Ko Lo Lo Anle Munich New vl1 Ornge Conty Palo AlID Pas Sa Franc Sf Paulo Singpo Waingtn DC
~
GIBSON DUNN
Offce of Chief ComieI Division of Corpraon Fince Janua 12t 2012 Page 2
TH PROPOSAL
The Proposa sta
RESOLVEDs th sheholder ofWellpoIn Inc (Wellpoint) ure the bo of diectors to adopt a policy tht the boars chaan be an inepen direcr accord to the defion set for in the NewYork Stok Exchae (NYSEj lig stds uness Wellpointls st ce to be li on the NYSE and is list on another exchage at whch tie th exchanets stda of indepndenc shoud apply
Th policy should provide th if the boar dees th a cha who wa inependent when he or sh was selected is no long inep the boar sha prompy select a new cha who is inept Complice with this policy should be excu if no ditor who ques as indepde is elec by shaholder or if no indepnd diecr is wi to see as cha Ths policy should be applied prospvely so as no to violate any cont obligaon of Well point
th Prposa the sup sten an related correspondece frm thA copy of
Prpone is athed to ths lettr as Exhibit A
BAS FOR EXCLUSION
We believe tht the Prposa ma prpely be exclud frm the 2012 Prxy Maal pmst to Rule 14a-8(i)(3) be the Prsa refer to an ex se of gudelies for implemen the Proposa but fagrave to adualy defie those gudelines reer it imperibly vage an indefite so as to be inertly mileang
ANALYSI
The Prpoal May Be Excluded Under Rule 14a-8i)(3) Becaus The Propol Is
Impermsibly Vage And Indefte So As To Be Inherentl Mileadig
Rule 14a-8(i)(3) pets the exclusion of a shholde propo if the prposa or suppo Commons proxY iies includ Rule 14a-9 whchstent is contr to any of the
prhibits may fal or milead stents in prxy soliciti mate The Staconsy ha taen the position th a shholder prposa is excludle under
neither the stockholder voti on the proposaRule 14a-8(i3) as vae and indefi if
nor the compay in implementi the prposa (if adpte) would be able to determe With
~
GIBSON DUNN
Ofce of Chief Counl Division of CoipratiQn Fince Janua 12 2012 Page 3
any reble cert exac wh acons or meas th proposa requi Sta
Leal Bullet No 14B (Sept 15200) (LB 14B) see alo Dyer v SEC 287 F2d 773181 (8th Cir 1961) ((It ap to us th the propo as dr and sumi to the compay is so vagu and indef as to mae it impossible for either the board of dirs
wh th propsa would en)or the stockholdei at lae to comphe preisely
The Staha peimtt the exclusion of shholder prsas tb-us lie the Propo
imse a stda by referce to a pacu se of gudeli when the propo or the ex su stteent fagraveoo suciently to describe the substive provisions of
Mobuuml Corp (Naylo) (avai Ma 21 2011) (conc with gudelies See eg Exon
the excluson of a proposa reues the us of bu fai to suciently exla
gudelies frm the Globa Reprt Invej ATampT Inc (Feb 162010) (concmg with the excluson of a propsa th sougt a report on among oth th grts
lobbying communcaons as defied in 26 CFR sect 56491 i -2) Johnon amp Johnon (avthFeb 72003) (concug wi the exclusion ofa prposa reesg the adoption of
Gla Ceg Commions busin remmenons without desbin threommention)
In Boeing Co (avai Feb 10 2004) th sholde proposa requestd a bylaw reui the cha of the companys bo of dirs to be an indepen dir acrd
Intituona Invesrs defition The company ar th th proposal reerced a stdar for indepdence but fied to adequaely deribe or defe
th stda suh th sheholde would be unle to mae an inormed deion on th merits of th prosa The Sta concu with the excluson of the proposa uner
Rule 14a-8(iX3) as vag an infite beus it cfred to diose to sholde th
defition ofcindeent dior th it rsoughtlto hae inluded in the byl~ws Se alo
to the 2003 Coun of
PGampE Cooration (ava Ma 72008) Scheing-Plough Corpraton (avail Ma 7 2008)JPMorgan Chae amp Co (avai Ma 5 2008) (al concu in the exclusion of proposa th rees th the compay re the boar of dictrs to apint an inepndent lea dior as defied by th stda of indepen set by the Counil of
what th parcul stdaIntuonal Invesors withou prvidi an exlaon of
entaed
the boar of diectors mus be anThe Prposa whch st th th chaan of
inpedent dictr accordg to the defition set fort in the New York Sto Exche (NYSE) liti stda is substily simar to the proposa in Boeing an tie preen cited above Th Proposa relies upn an ext stda of inepndence (the
New York Sto Exchage stda) in order to implement a ce1r as of th Prposa thebut fas to desDe the substative prvisions of th st Withut a descrption of
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
GIBSON DUNN
Janua 12 2012
VI EMA
Offce of Chief Counsel Diviion of Corporon Fin Secures and Excha Commssion 100 F Strt NE
20549Washin DC
Re WellPoint Inc
Sheholde Proposal ofSE Master Tru Exhage Act of 1934-Rue 140-8
Laes an Getlemen
Gibs Dunn Crer Ll
10 Conei Avenue HW
Wasing OC Ol 5106 reI ~95585 _llibSigraveinncx
Ai Go DI +12086 i= +1 209AGoiliu campe 9lo
a ~- ~
- -If
~
~
~ l
~~
Ths letter is to inorm you tlour client Welloin Inc (th CompaYiexcl intend to omitShaoldersproxy for it 2012 Anua Meeti offrom its prxy stent and form of
(collectively the 2012 Prxy Mateals) a shholde proposa (th Prposa) anstements in suport therf recived frm the SEIU Maer Tro (the Pponent)
Put to Rule 14a-8G) we hae
filed th let with the Seuies and Exchae Comssion (the Cosson) no lar th eighty (80) caenda days beore th Compay
in to tie it defitive 2012 Prxy Maris with th Commsion an
ths corrondence to the Proponent conctly set a copy of
Rule 14a-8(k) an Stff Lega Bullet No 14D (Nov 72008) (SLB 14Dj prvide th
shholde proponents ar requied to send compaes a coy of any condce ththe Diviion of Corpraonthe prponents elect to sut to the Commion or the st of
Fince (the Sta Accrdngy we ar tag th opprtty to inorm the Prponent th if the Prponent elect to submit additiona corrspndence to the Commsson or the
th corrondence should be fuShedStawith repe to the Prposa a copy of
the Compay purt to Rule i 4a-8(k) andconcurntly to th underigned on beha of
SLB 14D
8r1S Centry Ci Dalla De Duba Hong Ko Lo Lo Anle Munich New vl1 Ornge Conty Palo AlID Pas Sa Franc Sf Paulo Singpo Waingtn DC
~
GIBSON DUNN
Offce of Chief ComieI Division of Corpraon Fince Janua 12t 2012 Page 2
TH PROPOSAL
The Proposa sta
RESOLVEDs th sheholder ofWellpoIn Inc (Wellpoint) ure the bo of diectors to adopt a policy tht the boars chaan be an inepen direcr accord to the defion set for in the NewYork Stok Exchae (NYSEj lig stds uness Wellpointls st ce to be li on the NYSE and is list on another exchage at whch tie th exchanets stda of indepndenc shoud apply
Th policy should provide th if the boar dees th a cha who wa inependent when he or sh was selected is no long inep the boar sha prompy select a new cha who is inept Complice with this policy should be excu if no ditor who ques as indepde is elec by shaholder or if no indepnd diecr is wi to see as cha Ths policy should be applied prospvely so as no to violate any cont obligaon of Well point
th Prposa the sup sten an related correspondece frm thA copy of
Prpone is athed to ths lettr as Exhibit A
BAS FOR EXCLUSION
We believe tht the Prposa ma prpely be exclud frm the 2012 Prxy Maal pmst to Rule 14a-8(i)(3) be the Prsa refer to an ex se of gudelies for implemen the Proposa but fagrave to adualy defie those gudelines reer it imperibly vage an indefite so as to be inertly mileang
ANALYSI
The Prpoal May Be Excluded Under Rule 14a-8i)(3) Becaus The Propol Is
Impermsibly Vage And Indefte So As To Be Inherentl Mileadig
Rule 14a-8(i)(3) pets the exclusion of a shholde propo if the prposa or suppo Commons proxY iies includ Rule 14a-9 whchstent is contr to any of the
prhibits may fal or milead stents in prxy soliciti mate The Staconsy ha taen the position th a shholder prposa is excludle under
neither the stockholder voti on the proposaRule 14a-8(i3) as vae and indefi if
nor the compay in implementi the prposa (if adpte) would be able to determe With
~
GIBSON DUNN
Ofce of Chief Counl Division of CoipratiQn Fince Janua 12 2012 Page 3
any reble cert exac wh acons or meas th proposa requi Sta
Leal Bullet No 14B (Sept 15200) (LB 14B) see alo Dyer v SEC 287 F2d 773181 (8th Cir 1961) ((It ap to us th the propo as dr and sumi to the compay is so vagu and indef as to mae it impossible for either the board of dirs
wh th propsa would en)or the stockholdei at lae to comphe preisely
The Staha peimtt the exclusion of shholder prsas tb-us lie the Propo
imse a stda by referce to a pacu se of gudeli when the propo or the ex su stteent fagraveoo suciently to describe the substive provisions of
Mobuuml Corp (Naylo) (avai Ma 21 2011) (conc with gudelies See eg Exon
the excluson of a proposa reues the us of bu fai to suciently exla
gudelies frm the Globa Reprt Invej ATampT Inc (Feb 162010) (concmg with the excluson of a propsa th sougt a report on among oth th grts
lobbying communcaons as defied in 26 CFR sect 56491 i -2) Johnon amp Johnon (avthFeb 72003) (concug wi the exclusion ofa prposa reesg the adoption of
Gla Ceg Commions busin remmenons without desbin threommention)
In Boeing Co (avai Feb 10 2004) th sholde proposa requestd a bylaw reui the cha of the companys bo of dirs to be an indepen dir acrd
Intituona Invesrs defition The company ar th th proposal reerced a stdar for indepdence but fied to adequaely deribe or defe
th stda suh th sheholde would be unle to mae an inormed deion on th merits of th prosa The Sta concu with the excluson of the proposa uner
Rule 14a-8(iX3) as vag an infite beus it cfred to diose to sholde th
defition ofcindeent dior th it rsoughtlto hae inluded in the byl~ws Se alo
to the 2003 Coun of
PGampE Cooration (ava Ma 72008) Scheing-Plough Corpraton (avail Ma 7 2008)JPMorgan Chae amp Co (avai Ma 5 2008) (al concu in the exclusion of proposa th rees th the compay re the boar of dictrs to apint an inepndent lea dior as defied by th stda of indepen set by the Counil of
what th parcul stdaIntuonal Invesors withou prvidi an exlaon of
entaed
the boar of diectors mus be anThe Prposa whch st th th chaan of
inpedent dictr accordg to the defition set fort in the New York Sto Exche (NYSE) liti stda is substily simar to the proposa in Boeing an tie preen cited above Th Proposa relies upn an ext stda of inepndence (the
New York Sto Exchage stda) in order to implement a ce1r as of th Prposa thebut fas to desDe the substative prvisions of th st Withut a descrption of
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
~
GIBSON DUNN
Offce of Chief ComieI Division of Corpraon Fince Janua 12t 2012 Page 2
TH PROPOSAL
The Proposa sta
RESOLVEDs th sheholder ofWellpoIn Inc (Wellpoint) ure the bo of diectors to adopt a policy tht the boars chaan be an inepen direcr accord to the defion set for in the NewYork Stok Exchae (NYSEj lig stds uness Wellpointls st ce to be li on the NYSE and is list on another exchage at whch tie th exchanets stda of indepndenc shoud apply
Th policy should provide th if the boar dees th a cha who wa inependent when he or sh was selected is no long inep the boar sha prompy select a new cha who is inept Complice with this policy should be excu if no ditor who ques as indepde is elec by shaholder or if no indepnd diecr is wi to see as cha Ths policy should be applied prospvely so as no to violate any cont obligaon of Well point
th Prposa the sup sten an related correspondece frm thA copy of
Prpone is athed to ths lettr as Exhibit A
BAS FOR EXCLUSION
We believe tht the Prposa ma prpely be exclud frm the 2012 Prxy Maal pmst to Rule 14a-8(i)(3) be the Prsa refer to an ex se of gudelies for implemen the Proposa but fagrave to adualy defie those gudelines reer it imperibly vage an indefite so as to be inertly mileang
ANALYSI
The Prpoal May Be Excluded Under Rule 14a-8i)(3) Becaus The Propol Is
Impermsibly Vage And Indefte So As To Be Inherentl Mileadig
Rule 14a-8(i)(3) pets the exclusion of a shholde propo if the prposa or suppo Commons proxY iies includ Rule 14a-9 whchstent is contr to any of the
prhibits may fal or milead stents in prxy soliciti mate The Staconsy ha taen the position th a shholder prposa is excludle under
neither the stockholder voti on the proposaRule 14a-8(i3) as vae and indefi if
nor the compay in implementi the prposa (if adpte) would be able to determe With
~
GIBSON DUNN
Ofce of Chief Counl Division of CoipratiQn Fince Janua 12 2012 Page 3
any reble cert exac wh acons or meas th proposa requi Sta
Leal Bullet No 14B (Sept 15200) (LB 14B) see alo Dyer v SEC 287 F2d 773181 (8th Cir 1961) ((It ap to us th the propo as dr and sumi to the compay is so vagu and indef as to mae it impossible for either the board of dirs
wh th propsa would en)or the stockholdei at lae to comphe preisely
The Staha peimtt the exclusion of shholder prsas tb-us lie the Propo
imse a stda by referce to a pacu se of gudeli when the propo or the ex su stteent fagraveoo suciently to describe the substive provisions of
Mobuuml Corp (Naylo) (avai Ma 21 2011) (conc with gudelies See eg Exon
the excluson of a proposa reues the us of bu fai to suciently exla
gudelies frm the Globa Reprt Invej ATampT Inc (Feb 162010) (concmg with the excluson of a propsa th sougt a report on among oth th grts
lobbying communcaons as defied in 26 CFR sect 56491 i -2) Johnon amp Johnon (avthFeb 72003) (concug wi the exclusion ofa prposa reesg the adoption of
Gla Ceg Commions busin remmenons without desbin threommention)
In Boeing Co (avai Feb 10 2004) th sholde proposa requestd a bylaw reui the cha of the companys bo of dirs to be an indepen dir acrd
Intituona Invesrs defition The company ar th th proposal reerced a stdar for indepdence but fied to adequaely deribe or defe
th stda suh th sheholde would be unle to mae an inormed deion on th merits of th prosa The Sta concu with the excluson of the proposa uner
Rule 14a-8(iX3) as vag an infite beus it cfred to diose to sholde th
defition ofcindeent dior th it rsoughtlto hae inluded in the byl~ws Se alo
to the 2003 Coun of
PGampE Cooration (ava Ma 72008) Scheing-Plough Corpraton (avail Ma 7 2008)JPMorgan Chae amp Co (avai Ma 5 2008) (al concu in the exclusion of proposa th rees th the compay re the boar of dictrs to apint an inepndent lea dior as defied by th stda of indepen set by the Counil of
what th parcul stdaIntuonal Invesors withou prvidi an exlaon of
entaed
the boar of diectors mus be anThe Prposa whch st th th chaan of
inpedent dictr accordg to the defition set fort in the New York Sto Exche (NYSE) liti stda is substily simar to the proposa in Boeing an tie preen cited above Th Proposa relies upn an ext stda of inepndence (the
New York Sto Exchage stda) in order to implement a ce1r as of th Prposa thebut fas to desDe the substative prvisions of th st Withut a descrption of
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
~
GIBSON DUNN
Ofce of Chief Counl Division of CoipratiQn Fince Janua 12 2012 Page 3
any reble cert exac wh acons or meas th proposa requi Sta
Leal Bullet No 14B (Sept 15200) (LB 14B) see alo Dyer v SEC 287 F2d 773181 (8th Cir 1961) ((It ap to us th the propo as dr and sumi to the compay is so vagu and indef as to mae it impossible for either the board of dirs
wh th propsa would en)or the stockholdei at lae to comphe preisely
The Staha peimtt the exclusion of shholder prsas tb-us lie the Propo
imse a stda by referce to a pacu se of gudeli when the propo or the ex su stteent fagraveoo suciently to describe the substive provisions of
Mobuuml Corp (Naylo) (avai Ma 21 2011) (conc with gudelies See eg Exon
the excluson of a proposa reues the us of bu fai to suciently exla
gudelies frm the Globa Reprt Invej ATampT Inc (Feb 162010) (concmg with the excluson of a propsa th sougt a report on among oth th grts
lobbying communcaons as defied in 26 CFR sect 56491 i -2) Johnon amp Johnon (avthFeb 72003) (concug wi the exclusion ofa prposa reesg the adoption of
Gla Ceg Commions busin remmenons without desbin threommention)
In Boeing Co (avai Feb 10 2004) th sholde proposa requestd a bylaw reui the cha of the companys bo of dirs to be an indepen dir acrd
Intituona Invesrs defition The company ar th th proposal reerced a stdar for indepdence but fied to adequaely deribe or defe
th stda suh th sheholde would be unle to mae an inormed deion on th merits of th prosa The Sta concu with the excluson of the proposa uner
Rule 14a-8(iX3) as vag an infite beus it cfred to diose to sholde th
defition ofcindeent dior th it rsoughtlto hae inluded in the byl~ws Se alo
to the 2003 Coun of
PGampE Cooration (ava Ma 72008) Scheing-Plough Corpraton (avail Ma 7 2008)JPMorgan Chae amp Co (avai Ma 5 2008) (al concu in the exclusion of proposa th rees th the compay re the boar of dictrs to apint an inepndent lea dior as defied by th stda of indepen set by the Counil of
what th parcul stdaIntuonal Invesors withou prvidi an exlaon of
entaed
the boar of diectors mus be anThe Prposa whch st th th chaan of
inpedent dictr accordg to the defition set fort in the New York Sto Exche (NYSE) liti stda is substily simar to the proposa in Boeing an tie preen cited above Th Proposa relies upn an ext stda of inepndence (the
New York Sto Exchage stda) in order to implement a ce1r as of th Prposa thebut fas to desDe the substative prvisions of th st Withut a descrption of
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
GIBSON DUNN
CounlOfce of Chief
Divion of Corpraon Fince Janua 12 2012 Page 4
New York Stock Exchaes li stda sholder wi be unble to dete th stda of indepdece to be applied under the Prposa tht they are being ased to vote
upo As Sta precent indica the Compys sholder caot be ex to mae the Proposal withut knowig what they ar votg on
See SLB 14B (noti tht neither the stkholder voti on the propos nor the compay an inormed deison on the merits of
in impleentg the proposa (if adopte) would be able to detere with any renalecertty exay wh acons or me the prpo reui) Capital On Finaia Co (avai Feb 7 2003) (concug in th exclusion of a propo under Rule 14a-(i)3)wh the copany ar tht its shaholde would not know with any cent wh th ar voti either for or ag Th Prposa is dile frm other shaeholder propo th refer to dir indepence th the Sta did not COIl wer va anInefite In thes ca th
the prposa For exl~ inrefe to the exern sour wa not a prmient fea of
Alleghen Energy Inc (aval Feb 12 2010) th Sta did not concur with the excluson of a prpo under Rue 14a-8(iX3) wh the prposa reue th the ch be an indepen dir (by th stdad of the New York Stk Exchage) who ha not
the compy Althoug the prposa referceprviously sered as an execve offce of
the inepend dir stda of the New York St Exchage the support st indeence set fort in the proposa thfocus exnsvely on the alte stda of
the cha be an invidua who ha not prously seed as an execve offce oftl compy ~ the additiona re th the cha be indeenent by th New
the proposa so a deson ofYork Stock Exchge stada wa not the pr th of
the defition of indedece wa not requ for shaolder to und wh they we votig on Unle the prposa in Allegheny Energy th text of the Prpo doe not de independence in ter of havig the chaiexclrm~n be a dior who ha not prviously
the Compay Accrdgly bec the Prposa itslfseed as an exeutve offcer of
th altete te of inepence the surt sttemets refece todoe not refe to
indeenc in thse term do not shi th empha of the Prposa as a whole away
frm the New York St Exchage std of dir indepce an ont an altee tes of indence th is staed in the Prsa Thus a decrption of the New York Stok Exchae std is nec for the Compays shaeholder to uner wha they ar votig on
The Prposa is si to the propo in Boeing whch wlue metionig the coCet of
Cha and CEO regraveed focus on the 2003 Councn ofsearti the roles of
inepence Accrdiy the Sta concu tht th Boeing prposa was impermssbly vagu thug its relice on the Cowicil of ~tuona Investors detion Consistent wi Boeing beus the New York Stock Exchae
Intuona Inves defition of
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
GIBSON DUNN
Offce of Chef Counl Divion of Corpration Fince Janua 1202012
Page 5
st of indendence is a ce elemt of the Prpo th is not defied or exlaed the Prposa is imenssbly vag
Morever to the extt the suppg stents diuson of inepdece in te ofthe roles of ch an chief execve offcer is intede to sulementh ~on of
the Prpo~ the Stabath reerce to the New York Stock Exhae in th text of
conc tht where a prosa cas for the fu implementaon of an ext s~ asthe stdas sutatiVegrave~provisioDS prvi~is the ca here describing only some of
52010)Co (avai Febincien gudace to shaolde an th copay See Boeing
(concg with the excluson mide Rule 14a-8(i)(3) of a proposa reue th iHumeslihment of a board commtt th w follow the Univer Declation of
Ri~ wher th prosa faed to adly desbe th sutave provisionsofth st to be aplied) Occideal Petrole Corpraton (avai Ma 8 200) (cOnc with th excluson of a prposa reueg th imlemon of a policy consist wi
V oluDt Pnples on Se an Hum Rights whe the proposa faed toth
the adly su the ex st depite refer to some but not ~ of
stdads prvions) Revon Uacute1 (avaL Ma 13 201) (cocu with th exclUsion of a propos se the f implementaon of the SASOO So Accuntail
th stdas provisions bu faed toS~ whre the proposa reer to some of
adly de wh would be reui oft1 coy) Althug th Stadecli to pet exclusion wher a prposa only re a policy b onan exem
in th prsa see Pea Enegy Corpst if the stda is genery debe
(ava Ma 82006 (denyig no-on reliefwber a propo only reue a pollcy ~ on the Inerona Lar Orj7st1ons Delaron ofFundaent Priples and Rights at Workj The Str Rite Corpran (avaJan 160 2002) (denyig no-acon
reliefwher a propo re the implementaon of a CQde of CondUc b o~ n hu rits stda)o the Propo re th th Compay l(opt a iexcllicy th th
independence secirc for incI b an inependet dior acrdg to th defition of
New York Stok Exchagelistg stda lea the Compay no discon to the New York Sto Exchge stdas prvionS
Althug the reemt th a dior not be employed by the li compay is one
inrprate some but not al of
inepce th supportgelemt oIcirct1e New York Stock Exchae stdad of
th provion do not cla the additiona reqenofthstteents dision of
stda yet the Prposa would reui complice wi those addiona requent Accrdgly shaholder voti on the Prposa will not have the nec inorion
the spc reuiements th Prposafrom whch to mae an inormed deision on al of
would impose
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
GIBSON DUNN
CounlOffce of Chef
Division of Corpraon Fince Janua 122012
Page 6
Furer we acknwledge th the Sta denied noacon relief under Rule 14a-8(iX3) foacuteroter proposa with referece to th pa indepede st See ATampT l1 (ava Ian 30 200) Clear Chael Commcaons Inc (av Feb 15 2006) KDhl~sCprp (av Ma 1020()3) Howeer althoug the Sta did not expla the reOD f~r itsdesions the noacon re~ sumitt ii those ince did nOt diy and 8du8ly
th proposa wer vag and indefite by vi of theI reerenci an ~xtar th
stda Without adualy debi th stda For exlein Clea Chal Commnicatons the company ar i the eXt sCcedilda~ refer wa not a
adtionaset fort andefition but a conf cdiscon~ and the prposa aldefon of indeence Acrdgly we beeve th the Prpos fa to debe th subsve prvions of
indee wi rede shholde who arthe New York Stock Exche stda of
voti on th Prposa unle todee with anyacuterenable ce wha acoiacute or meaur the Prposa re As a ret we believe the PrpQsaacute is so va aninte as to be excludle in its entity under Rule 14a-8(iX3)
CONCLUSION
Bas upn th foregoing anysis we rey reue th theSta concur th it wi tae no acon iftl Compay excludes th Prpoal from its 2012 Prxy Ma pmsto Ru 14a-8(i)(3)i We would be hay to provide you ~th any additionainormon and aner any quon th you may have regag ths suj~ Corrnden regardig ths letshould be set to shaoldersa(ggibsonducom Ifwe ca be of any 1ber
heta to ca me at (202) 955-8653 or Ka~ Sasce in th mat plea do not
Kiefer the Compys Vice Pridet and -Ast Corpra SeCr at (317) 4~8-6562 ISinly
i
OrYV ~Ia iexclSUr Amy ampadman
iexcl
Enclosur
cc Kaeen S Kiefer Welloin IncStee Abht SEI Mate Tro
10121091
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
GIBSON DUN
EXIT A
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
~ ~~ December 2 2011
Sl~- Strnger Togeter
SERce EMPLOYEES
NRNTIONA UNION CLC
SEIU MAR TRUST I Dupo Ci NW Ste 90
Wa DC 20036-1202 2027307500
8004581010
WWSEIUorg 290l 9 05 l~8
John Canon Executve Vice Preident Gener Counl Corpra Secre and Chief Public Aff Offcer WellPoint Inc 120 Monument Circle Mal No INOI02-B315
Indianli IN 46204
Via United Parcel Service an Fax (3 i 7) 488-6821
Dea Mr Caon
On beha of the SEIU Mas Tru (te Tru) I wrte to give notice tht purt to the 20ll proxy statement ofWelloint Inc (the Cmpanyj th
Tru inen to prt th athed prposa (the Prposaj at the 2012 anua meeg of sholder (the Anua Mee) The Tru re th the Compay include the Prposa in the Compays proxy stement for the Anua Meetig The Tru ha owned the reuite numbe of Welloinsha for th reuiste tie peod Th Tru intends to hold thes sh thug the date on whch the Anua Meeg is held
The Prposal is athed I repest th the Trot or its agnt intends to app in persn or by prxy at the Anua Mee to present the Propsa Prf of sha ownrship is bein Set to you mide se cover shorty afer th maig Plea conta Steve Abrecht at (202)130-705 i if yougrave have
any queons
~ Il ~~ ll r-Eunce Wasgtn Dirr of Benefit FmidsCounl
EWbh Attachment
cc Steve Abrecht
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
INDEPENDENT CHAIR PROPOSA
RESLVED that shareholders of Wellpoint Inc (Wellpoint) urge the board of directors to
adopt a policy that the boards chairman be an independent direcor accrding to the defnition set forth in the New York Stock Exchange (IINYSE) listing standards unless Wellpoints stock
ceases to be listed on the NYSE and is listed on another exchange at which time that exchanges standard of independence should apply The policy should provide that if the board determines that a chairman who was independent when he or she was seleced is no longer independent the board shall promptly select a new chairman who is independent Compliance
with this policy should be excuse if no direcor who qualifies as independent is elected by shareholders or if no Independent direcor is willing to serve as chairman This policy should be
applied prospectively so as not to violate any contractual obligation of WeJ nt IIi poi
The proponent has fumished~thefollowingstatement
Wellpolnts CEO Angela Braly also serves as diairman of Wellpolnts board of directors In our view an independent board chair would provide a better balance of poer beeen the CEO and th board and would suppo strong independent board leadership and functoning
The primary dut of a board of directors is to oversee the management of a copany on behalf
of it shareholders If the CEO als serves as chair we believe this creates a confict of interes that can result in exsive management influence on the board and weaken the boards oversight of management As Intel former chairman Andrew Grove stated Te separation of the two jobs goe to the heart of the concepton of a corporation Is a company a sandbox for
the CEO or is the CEO an employee If hes an employe he needs a boss and that boss is the board The chairman runs the board How can the CEO be his own boss
Independent bord leadership and robust board oversight can help mitigate conflict of interest
involvng members of management For example personal preferences might lead managers to favor expending corprae funds on political activities that are not in the be interes of the company and it shareholders We believe that an independent board chair would be beter positioned to manage these kinds of conflic
Independent chairmen are common in many market outide the United Staes including the United Kingdom Austlia Belgium Brazil ~nada Germany the Netherlands Singapore and South Africa We believe that independent bord leadership would be partcularly constctive here at WelJpoint which came under fire recently for its OPposition to healthcare reorm
rescission of coverage and i1-timed rae hikes
We urge shareholders to vote for this propol
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
~ AMALGAMATED~- BANK
RAY MANAINO CFA CPAVice President
TEL (212) 895-4909FAX (212) 895-524raymondmannarin~amalgamatedbankcom
December 5 2011
Mr John CannonExecutive Vice President General Counsel Corprate Secretary and Chief Public Affairs OffcerWe if Point Inc120 Monument CircleMail Number INOI02-B315Indianapolis IN 46204
Re WellPoint Inc CUSIP 94973VI07
Dear Mr Cannon
Amalgamated Bank is the record owner of 9200 shares of common stoc (the sharesJl) ofWeJlPoint Inc
beneficially owned by SEIU Master Trust The shares are held by Amalgiexcliexclmated Bank at the Depository Trust
Company in our participant account The SEIU Master Trust had held shares continuously for at least one
year on 12211 and continues to hold shares as of the date set forth above
If you have any questions or need anything further please do not hesitate to call me at (212) 895-4909
Regards
~~Ray MannannoVice PresidentAmalgamated Bank
CC Ms E Wa~hingtonMs Vonda BrunstingMs Brenda Hildenberger
Mr Joseph Brunken
275 SEVENTH AVENUE I
Ameris Laor BanNEW YORK NY 10001 212-255-200 WWamalgamatedbankcom
515
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
Gigravebson Dunn amp Crutcher lLPDUNN lOiO Conneitlcut MemJIJ NW Washington oc nlO36to1Uumlamp
reI 70758500 Nwwgihsodurinccin
AumlmyG Digrave +1 fcl+1 AGomarl~lbsolJnnco
Clint 984Q74l
Janua 122012
VIA EMAIL
OffceofCliefCounsel Division ofCoslashtposlashraacutetiOgraveIi Finace Securties and Exchange Conuission
lOfFStt~NE WaShingtotl DC 20549
Re W~llPocircigravellt Inc ŠhdrehocirclderProcircposalolSElUMasler Trust Exchange Act(jf193~~Rule 1448
Ladies and Gentlemen
Ths letedsto inform you thtourclientWel1Roil1tInc (the Company)intendsto omit
from its proxy statemeritand fOrnofproxyfor its20 12 Anual Meeting of Shareholders Proxy Materials) a shareholder propoSOslash (the Prop0sa)and(tollectiVelythe 2012
statements in support thereof received from theSEIU Msser Trut (the Proponent)
fulanttoRule 14a-8(j) we have
-filed this letter with theSecuttiesaroslashIExcfaige Coiacuteninssiol1(the
Conimissionn) no later thaneumligravegty(80~Ca1endar days before the CompanY intends to fie its definitiveLQ12 Proxy Materials with the Commission and
middot cOnccedilurently sent a Rroponentcopy of this correspondence to the
Rule 14a-8(k) and Staff Legal BuHetitiNo14D (Nov 7 2(08)(SLB 14D) provide tht shareholder proponents are required tosendcollpanes a copy ofanycorrspondenccedile that the proponents elect to submit to the Commssioacuten ograver of the Division of Corporationthe staf
Finance (the Staff) Accordingly we are taing this opportunity toigravenform the Proponent that if thy Proponent elects to submit additionaLcortspondenceto the COnissionorthe Staffwithrespectto theProposalacopyofthat corrspondence shouldbefumished concurently to the on behafofthe Cornpanypursuantto Rule 14a-8(k)angundersigned
SLB14D
Brussels CeiitlryCity Dallas Deni DunaJ Hong Koumlng london IsAngeles Munich New York Orange County Palo Alto Parigraves San Fraritiscn -Sao PaJlo Sirlgapite W3$hington Dt
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
DlJNN
Offce of Chief Counsel Division of Corporation Finance Janua 122012 Page 2
THE PROPOSAL
The Proposal states
RESOLyacuteED that$hareholdets oacutefWeiipniht 1iio (WeIlposlashint)1ge the a policy thttheboarschairm beanboard ofditectorsto adopt
igraverd~petldentdjrectoratcordigtothedefiiiltigraveqnse fort intheNcw York Stock Exchange eNYSE) listntildegstadadsuiess Wellposlashints
stoclcceases tnlelistedoii the N1SEa4islistednnaothere~chage at wlich titethatechages standaringrdofiiidepeumlnd~necirccshouldapply
that ifthebarddetennesthatachaigravean The yshould provide
who independentwhenhe Qrshe Wa$~lectedi$no loiiger independent the boar shall promptly secirclectanewchairrwhois il1depenclent Co1lPliace withthispoIicyshOtlldbee~cu$edifIlQ dieecirctor who quaifies as independerttis elected oysbatilderhotildeldersorigravefno independcntdirectoriswilling toserycas c~rman This policy ShOllld
betppligraveed prospeecirctively so as not to violateanycontrctualobligaticirconofWeltpoint A copy oftheProposa tliesupportingsUitemetltaidrelated co~sponclencefroin the
Ptop0rientisatthed to this letttasExhibit A
BASIS FOR EXCLUSION
Webelieve thattheProposamay propelybeexchidedfoslashIcircl the2012 Proxy Materials pursuatto Rule J 4a8(i)(3) beause thePtopocircsalrefers toumlanexternal Set of guidelines for
impleinenticircng the Proposal but failstoadequatelydefinethoseguidelinesrendering it
impermIgravessibly vague andindefinitesocircas tubeuml inherentlyrrsleadihg
ANALYSIS
The PropQSalMay lle ExcludedUn4er llule14a-8(i)(3) Because TheProposalls
Impermissibly VagneAnd Indefmite So As To BelrihereDtlylsJeading
Rule 14a-8(i)(3)permitsJlie exclusion of R shaeliolderproposaUfthe proposal or supporting statement is contrar to anyoumlfthe Coinmsionsproxyruies inSlldigRu1e14a-9which prohibits materially false orrrsleadingstatements inproxysoligraveciting materials The Staff consistently has taken the pQ~ition that asharhotildelderprccedilposalisexcludableuiicler Rule 14a-8(i)(3) aSvaacutegueand indefinite if neither the stockholders voting on the proposal
the proposal (ifadopted) wouiibe able to detenninewithnor the company in implementig
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
Offce of Chief Counsel Division of Corporation Finance Januar 12 2012
Page 3
aumlny reaonablecertintyexactlywhatactionsOlinegraveasutes the proposalreqtucircresY Staff L~gaiBmletinNo 14B (Sept 1 S2004) (SLB 14B) see also 1Yl1rv SEC287FttlT3 781 (8thCir1961)Ccedil(iJtappearstousthatthelroposalas drafegravedand submitted t(the coniPmiYiissoyagu~midicircndefi~iteas toslashmakeitiilossIgravebleforeIgravethertheb0aiexcldfdirctol
orthestQ~khaldersatlargetocompreherdprecisely vvhat tlepropasacircwoultleiitail)
TleStaffhaspermtted theexclusionofsharingeholdet ptoposalstht-justlikethePopoSacirc-shyInpoieastandaidbyreferencetoapa1culaisetof guideligravenesvvhenthepro~osalr
suPJrtngstitemel1tfaiedsufcientlytodesctibethesubstatiyeproyisioslashns of the eKeinal 21 20i 1) witlgudelines BeeegjExxonMollCorp(iacutealor)(avail Mar (concurng
theexci~i()nofaprop()Sacircr~questing theuse()fbticirctfailigtosuffcientlyexplain ~guideliesfromthe GlobalReportng lntiativclATampT Inc(Feb 16201 0) (CogravencUrIng withtheeCclusioIlofaproposa1tlt smightareporton~oiigoter thingsgrassrQots lobbyingcomnuncations asdefinedin 26CFR sect 5649112)JohnsonampJohnsqn(avaiL Feb 7 2003) (concUgwiththe exclusion oslashfapraposal requesting the adoption of the G1assCeilingCoinIcirc)sions bUgravesiIess tecOinendations without describi~gthegrave ~ccedilOinendatio~)
InBp~ingCQ (acircvail FCb 10 20()4) the slih()lderptoPosalreqtloslashs~dabylawrequiring thechainranoumlfthecompanyshoard ofditeecirctots to be atilde IgravetidependCnt director ~acircecirctordil1g to the Z003 Council ofInstitutionallnvestorsdeIigravenition ThecoslashmpanYargledthatthe proposal referenced a standad for independence butfailedtoadequately descrbe defieor
that standardsuchthatshareholders womd Qeunabletomakean infonned decision on the
lleritš oftheproslashpoSa TheStaumlffconcuredwiththeexilUSionof the ptOacuteposaringlul1der R~le 14a-8(i)(3) as vague and indefinite becauseit1ail( edJtodiscloseto shaeholders the tlefiacuterntlpnof independent directQr that it (sougt) tohayeigravencluded Inihepylaws See also PGampECorporation (avaiL Mar 7 2(08)i Scherin~-Plou~hCorporation(avaiL
5 20Q8)(allconcurgintheexc1usion Mar 72008) JPMorgan Ccedilhase amp- Co (avail Mar
ptoacuteposacirclsitht requested thaumltthecompany requiacuter theboatildettlnfdirectorstoappoigravent anaf
igravendependentlead director as defmedbythe stdardofigravendependence set by the Counciacutel of Itlštitutioslashnal InvestOf$ without providing an explanation ofwliatthat paricmatstandard entailed)
TIiiexclProposal which statesthtthe chairman pfthe board of directors mustbean ind~endentditectoacuteraccordil1gt()the defmitionsefortillthegraveNew York Stock Exchange
stadads is substatially sigravenHartotheproposal in Boeiflgand the precetlentcited above The PropoSa r~liecircsupon an exteriialSudad ofigravendependence(the (NYSE) listing
New York Stock Exchange standard) in order to implement a central aspect of the Proposalbut failšto Ocircescribe the substantive provisions ofthe stand~OcircWithoutatlestriptianofthe
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
Offce of ChiefCou1sel DivisionofCorpratildetionFinaJce Januar 122012 Page4
NeW YorkStoumlclcExchanges listingstandardsshareholderswilbecirc unble todetemiinethe
stadardofindependenceJObeapplied underlhe ProposaiacutehattleYare beingacircSkedto vote upon AsStapreumlcedeumlntidicates the Companysshareholderscanl1oumltbeexpectedtoumlirnacircke an inforreddecisionontlenierIacutets of the Proposal without knQwIg whattheYalvotingon SeeSLB14Il(notIcirciacuteig tijtpeitherthe stockhoi(ierSY()tIgraverigoIlth(iexclprapgsal~northe Col)PaiY in implementing the prQPosal (ifadopted) would beablet~ deierrnewithany reanable
proposaL requires) l$qpital0ne Fintinpialc~nty lactiansormeas the
Corp (ava i200~)(coumll1currngjnthe excluumlsioumlnofapropoumlsaliidet Rule 14agrave-8(i)(3) where thecompayaiguedthtitsshareholders wouldnotknowwitl anycerttywhat they i ar votingeitherJotoraganst
The Proposa isdistUgravelgušhablefrotogravethershehoslashldei proslashposalsthatrefer toslashdUgraveectoumlr indepeidel1Cethaf the sta notcol1cur weumlrevagueandindefirite ithesecasesthedid
teference totheeumlxterralsotlcewasnoumltaptoIIentfeatureofthepropoumlsaL For example i Allegheny Energy Inc (avaitFell 122010) theSta digravednotcpncll wlththeexclusionofa proposalunderRule 14a8(i)(p) Where the proposal~queste(Lthat thecharran b~al1 independentdigraverector (by thestdard of the New York StockE ge)who ha not previously se)ed as anexeumleutive offcer of the company Altho the proposal referenced
New York Stock Bxchangeumlthesupportingsfutementthe UgraveldependentdUgraveectorstdard of the
focu$edextegraveIiSivelyonthealterrte stadard ofihdependeI1c~~f0rt intheproposalttharingt thechairran be an individual who had not previoumluslyservedasanexecutIgraveve offcer of the c9inPaY Thus the additioIlalreqt1ement thatthecliaianbe iiidepCl1dentbythtlNew Yor~StockExchangestadaclWfnotthe priarthstoftheprQPosalsoadešCcedil~ptioslashl1of thedefinitiol1ofindependencewasnotrequird forshaeholderstounderstd what they were votingon Unlike theproposaLigraven AlleghenyEnetgy tbet~xtpftheProposal doesl1ot define independence i tert of having the chaian be adector who has not previously serveq asaieecUtive offcegraveroflhe Company Acccedilordigly bec~1l1se the PropoSal ltself doumlesnoumlttefertothisalternate tegravestofindependencethesuppoumlrtigstatementsrefererce to independence in those terms does l1otshift the emPhaisoftheFrop~sal as a whole aringw-ay from the New York Stock Exchaigestadard of director independence andol1to analtemate testoslashfindependence that Igravesstted in the ProposaL Thus a descriptonoftheNew York StockExchangestandacircIdisnecessar for theCoumlinpays sharegravehoumll4ersto iidersfumicirc what they are voting on
fJi Proposa is siniilar totlieProposatin Boeingwhichwhileniel1tIgraveonig the concept of separtiiig the roles ofChairran OIlandCBO remaied focused the 2003 Counc~l of Institutional Investorsdefitionofigravendependence Accordiglyth~ Stacoficureq that the B()eing proposai was impeJissiblyvaguethough itsrelianceoiithetD()uncilof Initutional
Investors definition Consistent withBoeingbecause the New York Stock Exchange
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
OffceofChIefCourel Division oumlf Corporation Finance Janua 12012 Pige5
stadad ofigravendependenceisatentral element of the Proposal tht Igravesnotdet1nedor explained
the Proposa isiinpermissiblyvligue
Nfoslashrever~to th~~xtenttliesiipportiigstatemccedilntsdisciiigraveon ofindepeiidenceintoslashnns of theseparationoftherolesofchairmandchiefexecutive offcer isintendedtoisupplement
the reftrencetotheNewyenorkStoel(Ex~hageinithetextof th~Pr()Poisilithecirc Sta~as concuregravedthatvvhere apropoSaringlcallsfoumltthe full implementatioumlnofan ext ernalstagaas is the case here describing onlYSQine()ftlesta~ds$l1bstaringntiveprosioiisprovigegraves insufecircientguidaringnceto$h~hoslashldegrave1aQd thecomPaiY Seecirc13oacuteeing Go (avaiLFebiexcl5010)
exclusion underRuIe14a4~(i)(3)ofaproPQsalrequestingthewith the(concurrng
ecircstablishmegravenfofa board cominifteegravetbaringt wigraveH foacutellowthel11vetsal Degraveclaroacutenotlltiaringn Rights where theproposalfaied to adequately describethesubsttiveprovisioiiofthe
Corpqration (avaiLMar R 2002)(concUlgstndadto be ippliedYOccidental PetrQleum
with the exclusion ofaproposal requesngtheimplementationofapolicy consistent with~ the yenoluntaPrieiples on SecurtyaQdHum Rights wherethelrQPosafaiegto adequately sugraveiarZecirctbeacute extemalstadarddespigraveterefemngtOuml$Onieacute butnotalliofthe
stdard~sprovIsions) Revlon Inc (avaiL Mar 132001) (concurngwithtbeexclusIgraveonof apJopoSaacuteI seekingthefull implementation of the SA8QOO SoecirciaumlrAccounta~iltyl Stadards where the proposaLreferredto some ofthestadadsprovisionsbutfailed to
adequately describe vvhatwou1d be of the coinpaiy) Although thedStafh~teried
deClireacutedto pemit exClusioumlrrWhereaprol()sal Oiucircy requested a policy basedoumlnaiexternal stadaifthestaitldisg~eral1ydescribeigraventheprQposal$eeRe(lbodtEnergy(J()rp (avaiIMar8) 2006) (denyingno~actjonreliefwhereaprQPosal onlyrequestedap()ijcy basd ontheJnterntiona Labor Organizations Deolaration ofEundarenta Priciples andRightslitWork)t TltoslashStri4oslashRite CQrpotation Jan 16 2002) (denyigravengnn-action(avaiL
reliefwliere a proposalrequested the implementation ofa code ofccedilonduct basd on ILO hunanrigbtsstdads)thePrOPoumlsarequiesthattbeCompanyadoptapolicythat the chairnan be an irdependentdirector according to the definitionofindependencesetfort In New York Stock ExChagelistirgsta4ads leavirg the Companynodiscretigraveon to incorporatesomc butn()t alloslashftheNewYotkStockExchangestadasproYisions Althougbtherequirementthata dicctornot be employed by the listingcoJ1pany is one eleinent ofthe Newyenork Stock Exchange stadard ofindepeienae the supportng sttements discussion of thsprovisi()ndoesiiot clarfy the additional requirements of the stadard yettheProposalwould require cQmplianceWIth thoseadditionalrequirem~nts
on the Proposal wi1nothavethenecessari11ornationAccordiriglyshareholders voting
fromwhigravech to make an inforied decision onallofthespecifcrequirementsthe Proposalwouldimposeuml
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
Offce of Chief Counel Division of Corporation Finance Januar 122012
Page 6
Furerweackn(rYled~ethattheStaumldeIuml1iedigrave1oacti()Iuml1relief UigravedetRuleuml 14a8(i)(3~foumlr other prOPosaswiUirefelcncest0thIdlar independenceStadar~$(tf~4TampTlnccedil (ava Jan 302009)ylftarCnannelCommunicationslnc(avaiLFeb 15 2006)KoI1lsOprp (avaiL Mar 102(03) HQw~yeraltholg1the Stadidnotexplaithereasonigraveng fQJrits d~cisionstheiio~aoslashtionlequeSts subniitte9 in those instaccedilescld clrecircctlyandad~qaately
argt1ethattheumlptoumlposalswereuml~a~ueatdindefinitebyvireoffhei tecircrenecircingahextemal stdard witlOltiadequately describing the stadad For example learOlumnel
OOlnmutligravecations the compan extetiaring štaumlndardrererencedwaSIuml1otaaredthatfhe
defmitionblta4confused 4disCIlSionm and the proposal setfort additionalalso an
dcntildenitioumlt1oumltindeumlpendence
AccordigravenGlywebelievethatthProposaPsfaacuteilure to descrhethe substative provisionsof tleNew York Stock Exchangestdardofindependencewl11ren~ersliareholders~0 are voting()n theProposalunableto determine withanyreasonablece~intywhat actions or meatheP1posalrequis As a result we believccedil thePropostUis So vague and indefinite astQPcexcludablein its entiety under Rule 14a-8(i)(3)
CONCLUSION
respectflly reqiiesttbt theStaffconcurth(it wilJ3asednposlashntheforegoinganaringysis we
excludes the Proposlashsaring fioni it$2012Jroy MaterialspurstWttae no actitniifthe Company
to Rule 14aS(i)(3) WeWQu1db~ihappyto praVIacute(ieyou with~yadditionalinfonnatioslash~andanwerflY
questions that youniayhaveregardingthis subJect C()rrspOndencegraveregatdingthsJetter should be seiitto slluholderproposal~gibs()ndunncoII If we c~beofany fU~er assistacein this matter pleae donQthesitateto callmeat (202)Q558653 orKatheeii s Kiefer the Companys Vice President and Assistant CorporateSecIetay at(317) 4886562
Sincerely
A
lJiacuteWl ~ ISMi Amyaumloodii~
Enclosures
cc Kathleen S Kiefer WellP()iacutent Inc SteveAbrecl1tSl1JUMaster Trut
1012109012
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
GIBSON DUNN
EXHIT A
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
12022011 1719 2028420Oslash46 SEIU ~iT Fl PAG 61103
BENeFITFUNOSOFFfOE Of tO $eacutelE IlmatlonacirclUnicircOslashn SEI U Master Trust 10 We ()oq2OslashQ~ Si=IU ~tiorl IndustrJ Pension FUl1dF(2()7aoslash7aoo (2Oslash2~
SEIU Athliacuteite- QfflCers amp Employ(es Pellsioo Fund
SEIU Sta Pclsirt fUll
Fa To JOHN CANN l)NlaeligWASHINGTON
Fa ~j7~1 L I~ ~~~ c-PI 12111
k- I
~ $~OLDiRPROA
Ccedilo
1li Af~EiSfia~iPRClALFOslash~ IIC1JONT TlE2a1ANNUAL lEE1Nszlig OcircF WELJoINT~ING FlASAlSO BEENsuarvurr VIA UPSFOacuteR DEliERY ONPECEMBER5l 2011
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
120212Oslash11 1719 2028420041) SEIUBITFl PAG Oslash21 03
t SStrngerTogetr
SSRVlCE EMPLOYES
INTRNtildeATlONAL UNIONCI
SElU MASTER TRUST
11 Duucircid NtCSt100 WeumlOC2(3oacute-202
2oi73DS00 8004581010
WWSEIUorg mi~~1l ~8
Debet2~20ii
JoMCari J ~Vi~Gei Co~~on cOslashfllicAf aigraveOfntildeoe 1W~lWoit Inccedil120otmentCfrle I MalNoslashiIG102-ai1S jIi~oslashJi~IN462() i ruiUmtedPa1egraveecircisertoslasheanJFax (317) 488-6821
DwMtiCaiocircn i Qlt~ofthe$E M~lTtu (~ Tri~h lwti~togigraveven~~ poumlrttotht2011 lxiscentQIcircwelloIJ Ine(the~om~ thegraveT iu tli d $ t(~ t tb e~ 1 aringtaacutet aed propo ( th ePposlashsa )at1le201 2
annuaIm~oslashf~hoi~ (thAnua Meetnw)ThTrust ilthoslashCompyincIuumldethJPrposal iith Compaeligysptxy for tlAtwMee$TheTrJha80Wedthegravereui$Igrave~minibe6fWeUPocirclt ~for th~itetimepeod Th Tru intendStoJiol(i ~ ~~ tlug1theda01 which
Tliegrave~oslashsa is ~ apinpeonoslasht byPloolofshao aringfths maringlfugPlea anyq1szlig$OslashG
lIN
AnnualMeegis held
~t that the TrustotIt~iacutenteds to $tbAn Meetngtoslashptesentb~propal
set to)ou unde sepCOVetJ shrty Abrt at (202)73oO$litybubavf
i
EunceWaSgt L Dior ofBeiefitFundsCoslash el
I
I
ltWbh
JAttchment
I I
ec Stev Aecht I iexcl ~
r t
L r iexcl~
i
r iexcl iexcl
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
121a2121iU 1719 202942OslashOslash46 i
SEIUBEIT FU PAG 0383 I1
I
INDEPENDENrtHAtflPR(POSA
REIVEDlthatšbareJ(if~ ofWelJpoilt inc- (WlaHpOslashiri)urie tHe~clof di ad()apolicythatttiePotds(liirmecircin~~niniepegravendeacutent(il~Orecirclttdingtot 11
setTOrth intbeNewYOrlStOslashdkHE5thangeCNY$Jl)Ji$tIcirclgst8ndat(s tlllesWegravellpograveints stk
and Icircslisteol1another ~charieatwhjchtim~ tbatceases to be lisfed on the NYSE
IexchaogeSsLal1dard of ind$pendenC~$houid apply The poUtiuml shoudprovidethatiftheiexclboard iexcl
lshe wa seJecedbnoilonger
detrmines thatachairmanwhoW3SJndependent When he or
lnd~~dent~thebqardShairpforrptlyiselec anewichaumlirml1whoisinckpenden COm~liallcegrave with thls po1fcyshotJld be execirctedif noi diteccediloacutet WhOqoalifecircsa$ itdependeacuterJis eeedby
tshareholders or ifrioacutejn~poslashl1dentqirecircctoriSWiUiexclngtoserveasi(halrm~n ThiSponcyshaulclbe aoslashpliedproumlše(tlvecirclVsoashrftoviQlaIEl1l1YcooslashlllilobligafiQn ofNenpocircihtl
l jl
Theproponenthasfumisedthefollowogstatement iexcl
i
L WeUpolntsCEO Anelat3ragravelyalsosefas dialttanofWeIIPOintsbqardQfdltedorsJ In our View an independentboarclW$lrYlild prOdeabetter~lrmce ofpot begraveteel1 t~eCEOslash anditheboardandwoslashufdiSUpportstrolllndependentboatdledershipandfun(ioning
r Theprimarvdut ola boacuteldC)diref$i$toslashoYerseetbegravemanagemerofa eomp$JYOI1iexcl ~alf
ofitshareholdegravet$ lftbe ceo cilsO serves as Ch~itwabelilthis creaiea conflict off res
thpt can result ineXtecirc$ivernanagernent influence on the board and weacuteakeacutefithe lI
oversight of managemel1t Agrave$intel formercJiaIcircrran AndlewGroe$ted Te Sf the twoJobgoetotheheartoftbeconiption of
the CEO orJsthe CEOan emploslashyeefbesiexcliexclnemploee
bordThechairmanruacutenstheboard How
a corporaionlsa company as ~for l he nees a bosaldtbatbosS is the i
I ean the CEO be his own bo
i i
lIl1depeniehtboslashatdleadeacuteihlpand robuSbOaringrd oversjgcanhoslashlpmit~te~fJictofJnteregravest
iiivolvng membersQf managrnerit For ~xarnple~ persQnal preference$ mjgtileeumlld~nage~ to ~yorEXpendingccedilOrpraefundson polltiacutecalacthtrestliatarenot iexclnthebesIcircnterst~ofthe f
~company arlditsharehogravelders Webegraveieve that aiiJndepetidel1 board chair wouldbebetet i
posioumloned to managetheacute(ndsofcoslashtiict iexcliacuter
i
COumltnmQn in many markets ouice the United States inclucftrig tiieIndependent ehaimum ate I
iUnited Kingdom Australia aeigIumltma~I Canada Germany tbe NetherlandsSlngaporlEanoslash i -
South Africa We believ thatJndeoslashendentboard leadership would beparticularlconsructiv t
here at WeUposlashintwhiclegraveamtiexcl underflre recetly fotitsoiexcl)t)sition to healthcare reform I resdssionof coverage and ill-tilecltehikes I
i
iexcl We lirgeshareholders to votEr for this proposal
r iexcl
1- iexcl
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16
~~ AMALGAMATEDiexclSANKRAY MANANO CFA cPAViccedile President
TEL (2121895-409FA)(212 eurol95-4524raymol1dmahnarlno(garingmalgamatecirccbankcom
December 52011
MrJobncannonExeCOtjvecircViteuml Presiderit Gerieral Counsel CoacuterpolteSecretaryandCoicircefPublic Affairs OffcerWeIlPdinfln(120 Monument CircleMail Number IN0102B315Irdianat)olisi1N4otildet04
Regrave~ WeIIPointlnc CUSIf949igrave3V107
Dear Mr Cannon
Ar~lgamated Barikisthe Jecord owner of 920( shares ofeommon stock(the shareslofWeIlPointlnegravelbegraveneficiallyowned by SEJUMaumlsterTrust The shares ate held by Amalgaumlmate BankattheDepositoryTrustCompaacutenyihour partciparitactolot2352 The SEIU Master Trust had held shares cootiniiously for atleeumllštone
year on 12211 and tontinuesto hold shares as of the date setforthaboveuml
Ifyo haVe any questons or n~ed anything ftrtherpleiexclise do not hesitattto~lI me iexclt (Z1i) 89S-4909
Reacutegards
~RagraveyManneumlirinoVice PresidentAmalgamated Bank
cc MS E Washington
Ms Yanda Brunsting
Ms B~nda HildenbergerMr Joseph Brunken
275 SEVENTH AVENUE
Amecas LaBank
NEW YORK NY 10001 212-255-6200 wwamalgamatebankcom
~amp
rIiexcliexcliexclLlIl
L
k
itlq~i
FISMA amp OMB Memorandum M-07-16